Upcoming Federal Reserve Meetings Schedule and What to Expect

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• The Fed has meetings to assess economic conditions and see if there need to be changes to monetary policy.
• When the Federal Reserve adjusts the federal funds rate, the decision affects banking products.
• The Fed will likely keep the federal funds rate the same in July, according to the CME FedWatch Tool.

The Federal Open Market Committee (FOMC) is responsible for making decisions about monetary policy by managing open market operations. It holds eight meetings annually, and one of the primary topics discussed is the federal funds rate .

When the Fed makes changes to the federal funds rate, it can greatly impact different banking products, like savings accounts, loans, mortgages, and credit cards.

You can learn more about the FOMC and what to expect from the next meeting on July 30 and 31 below. We also cover whether savings account rates will drop soon.

Overview of Federal Reserve meetings

Purpose of the meeting

The purpose of FOMC meetings is for the Committee to assess current economic conditions and figure out how they can achieve and maintain maximum employment, price stability, and long-term interest rates.

If the FOMC wants to make changes to monetary policy, it will adjust the federal funds rate. For example, the FOMC began raising rates in the last few years to fight inflation. During the pandemic, the FOMC also cut rates to help stimulate the economy.

As a consumer, you'll see that changes to the federal funds rate impact banking products. When the Federal Reserve raises rates, the rates on savings accounts, loans, and mortgages also rise. This means you can accumulate more interest on savings, but it becomes more costly to borrow. If the Federal Reserve cuts rates, the rates on savings accounts, loans, and mortgages usually drop. Hence, it's less costly to borrow, but you won't earn as much interest on your savings.

How often they occur, and who attends

The FOMC has eight scheduled meetings each year. If they need to hold additional meetings, they can add more meetings during the year.

The FOMC has 12 members. It consists of all the Board of Governors members, the Federal Reserve Bank of New York president, and four other Reserve Bank presidents (they serve a one-year term, and then alternate with the remaining Reserve Bank presidents).

All FOMC members must attend meetings. All the Reserve Bank presidents also attend. If Reserve Bank presidents aren't on the Committee, they can't vote, though.

Schedule of upcoming Fed meetings

The FOMC holds eight meetings a year that occur over a span of two days. Here is a schedule of all the 2024 FOMC meetings:

• January 30 and 31
• March 19 and 20
• April 30 and May 1
• June 11 and 12
• July 30 and 31
• September 17 and 18
• November 6 and 7
• December 17 and 18

The minutes of each FOMC meeting are available on the Federal Reserve website after the meeting is held. The FOMC also typically releases a statement and holds a press conference on the second day of the meeting.

What to expect from the next Fed meeting

According to the CME FedWatch Tool , there's over a 90% chance that the Fed will keep rates the same at its July meeting.

The Fed has also held a firm position of wanting to see inflation drop lower, to 2%, before cutting the federal funds rate.

"We have stated that we do not expect it will be appropriate to reduce the target range for the federal funds rate until we have gained greater confidence that inflation is moving sustainably toward 2 percent. So far this year, the data have not given us that greater confidence," said Chair Jerome Powell during the last Federal Open Market Committee press conference on June 12. "If the economy remains solid and inflation persists, we are prepared to maintain the current target range for the federal funds rate as long as appropriate."

Since the Fed is most likely keeping rates the same, mortgage rates probably won't go down in July. National savings rates are also unlikely to drop by much.

Will savings rates drop after the July Fed meeting?

It's unlikely national savings rates will drop significantly after the next Fed meeting.

Banks each have individual criteria for savings rate changes, but many are indirectly impacted by the Fed's decisions. Hence, the Fed would need to start cutting the federal funds rate for national savings rates to go down.

Interest rate cuts are likely to happen in the future, though. The Fed had signaled three interest rate cuts in 2024, according to the Summary of Economic Projections released on December 2023. Once the Fed provides a stronger indication of rate cuts, national savings account rates will likely drop more significantly.

What happens to savings rates when the Fed raises interest rates?

The Federal Reserve raised the federal funds rate several times in 2023 to combat inflation , which is why savings rates are still competitive in mid-2024.

According to the CME FedWatch Tool, there's less than a 10% chance the Federal Reserve will drop rates at its July meeting, and over a 90% chance rates will stay the same. A rate hike isn't probable.

How high will savings rates go in 2024?

In early 2024, savings rates are generally expected to be relatively stagnant.

The average savings account interest rate is 0.45% APY (Annual Percentage Yield), according to the FDIC. However, it's also important to point out that many online financial institutions have much higher savings rates than the national average. The best savings account interest rates pay well above 4% APY right now.

Once the Fed plans to start cutting rates, however, savings rates will likely begin to go down in 2024. Experts forecast different dates on when the Fed will start cutting interest rates .

Is now a good time to open a high-yield savings account?

It could be a good time to open a high-yield savings account if you want to open a new bank account for emergency savings or save for a short-term goal. High-yield savings accounts pay more interest than traditional savings accounts at brick-and-mortar banks.

Keep in mind high-yield savings accounts have a variable interest rate. This means the rate will fluctuate over time. If you're looking for a bank account that offers a fixed interest rate, the best CDs allow you to lock in a high rate for a specific timeframe.

Fed meeting FAQs

How can I watch the Fed meeting?

The Fed has a press conference that's available to watch on the Federal Reserve website after the meeting takes place. The Fed will also release a statement and minutes after the meeting is held.

What does it mean if the Fed raises interest rates?

If the Fed raises interest rates, interest rates on banking products will likely be impacted. It becomes more costly to borrow as mortgage rates rise. But it also allows you to earn more interest on savings accounts.

How do Fed meetings affect the stock market?

The Fed's decision can influence whether the stock market goes up or down. If the Fed raises rates, the stock market tends to drop. If the Fed cuts rates, the stock market can go up.

Can the outcomes of Fed meetings impact global markets?

The Fed's decisions can impact outcomes in global markets. When the Fed changes the federal funds rate it can impact foreign exchange rates.