At its June 2026 meeting, the Federal Open Market Committee (FOMC) held its federal funds rate target unchanged at a range of 3.5% to 3.75%. The statement was much shorter than in the past, including removal of the previous easing bias and omission of forward guidance. In its updated Summary of Economic Projections (SEP), nine of nineteen participants projected at least one rate hike this year. The Fed also increased its inflation forecast and lowered its unemployment rate and growth outlooks.