Fed holds at 3.75–4%, 10–2, with two votes for a hike
The October 28, 2026 FOMC kept the range at 3-3/4 to 4 percent; Cook and Hammack wanted a quarter point more. Next morning: GDP +3.4%, PCE inflation 3.6%.
Economy · Indicator
Inflation (CPI) 3.7%
Headline inflation rose to 3.7% over twelve months, from 3.4% in August, with prices up 0.6% on the month. Gasoline (+9.1% on the month) did over half of the monthly rise. Core rose to 2.6%.
| Previous (August 2026) | +3.4% y/y · +0.4% m/m |
|---|---|
| Actual (September 2026) | +3.7% y/y · +0.6% m/m |
| Core (ex food & energy) | +2.6% y/y · +0.3% m/m — up from 2.4% |
| Gasoline | +9.1% m/m (seasonally adjusted), +34.2% y/y |
| Index level | 336.940 (CPI-U, not seasonally adjusted); September 2025 base 324.800 |
| Why it matters | The twelve-month rate moved up for the first time since the summer, and the move was energy: ex-energy the month looked like August. The FOMC meets on October 27–28 with this release in hand. |
Two readings, one release
Headline moved up to 3.7% on energy; core rose to 2.6%.
| Headline CPI | 3.7% |
|---|---|
| Core CPI | 2.6% |
% change vs. September 2025Source: U.S. Bureau of Labor Statistics, CPI for September 2026, released October 14, 2026
Earlier releasesEach one preserved as published. We add a release rather than edit one.
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Sources
- Consumer Price Index Summary — September 2026 (news release, published October 14, 2026)Bureau of Labor Statistics · Oct 16, 2026 · Primary source