Fed Meeting Live Updates: Expected Third Rate Cut and New 2026 Forecasts

The upcoming December 9–10 meeting concludes the Federal Reserve’s 2025 schedule. The first policy meeting of 2026 is set for January 27–28. The Federal Open Market Committee (FOMC) typically gathers eight times per year, roughly every six weeks. Each meeting runs two days and ends with a policy announcement at 2:00 p.m. ET, followed by the Fed chair’s press conference at 2:30 p.m. ET. 

Full list of planned FOMC meetings in 2026: 

— January 27–28 

— March 17–18 — April 28–29 

— June 16–17 

— July 28–29 

— September 15–16 

— October 27–28 

— December 8–9

The Federal Open Market Committee (FOMC) has 12 voting members this year: 

Permanent voters 

— Jerome Powell, Fed Chair 

— Philip Jefferson, Vice Chair 

— Michael Barr, Governor 

— Michelle Bowman, Governor 

— Lisa Cook, Governor 

— Stephen Miran, Governor 

— Christopher Waller, Governor 

— John Williams, New York Fed President 

Rotating voters (2025) 

— Susan Collins, Boston Fed President 

— Austan Goolsbee, Chicago Fed President 

— Alberto Musalem, St. Louis Fed President 

— Jeffrey Schmid, Kansas City Fed President 

In 2026, voting rotates to the regional presidents from Cleveland, Philadelphia, Dallas, and Minneapolis. Powell’s current term as chair ends in May.

Stocks moved lower Monday afternoon, and volatility edged higher as traders wait for more clarity from the Fed.

Louis Navellier of Navellier & Associates said investors are unsure how unified policymakers will be when they vote on the expected quarter-point cut this Wednesday. Current market pricing shows an 87.4% chance of a move, slightly softer than earlier in the day.

Navellier also pointed out that gaps in recent economic data — caused by delays from the government shutdown — make it harder to judge whether conditions justify further easing.

Meanwhile, bond yields continue to rise. The 2-year and 10-year Treasury notes are both sitting at their highest levels in weeks.

The VIX, which measures expected volatility, fell early Monday but has now climbed from 15.3 to around 16.8 as caution builds ahead of the decision and Chair Powell’s remarks.

Navellier said uncertainty may hang over markets until the Fed lays out its next steps.

As markets prepare for the Fed’s rate decision this week, a different story is playing out among younger investors: many are choosing digital assets as their first step into finance.

Survey data from October shows crypto ownership among young men at 26%, with 28% holding either tokens or crypto-linked investments. That’s a higher share than those reporting a retirement plan (21%) or even individual stocks (24%).

For many in this group, crypto is not just a trade — it’s the market they follow. So while interest rate policy influences borrowing costs, inflation, and risk appetite across the economy, the Fed’s role isn’t necessarily where younger investors look first when thinking about returns.

Their money is often tied to assets that don’t respond to the central bank in the same direct way as traditional markets. It’s a sign of how a new generation is learning to invest — starting in a corner of finance where the Fed feels distant.

The Supreme Court is taking up a case today that could foreshadow a bigger fight in January — whether a president can fire a Federal Reserve governor.

The administration is trying to undo a 1935 ruling that limits presidents from removing leaders of independent agencies. If that protection weakens, the Fed could eventually be pulled further into political influence.

Justices pressed lawyers on how the Fed should be viewed in this debate. It doesn’t look like other agencies, it doesn’t operate under a Cabinet department, and its design is meant to separate monetary policy from election cycles.

That matters because the Court will soon hear a case tied to the president’s effort to remove Governor Lisa Cook. Earlier opinions suggested the Fed may be treated differently due to its unique setup — but today’s questions could reveal where the Court is heading.

The first trading session of Fed Week is showing a mixed picture for the most closely watched sectors. Industrials and technology names are slightly higher, while communication services and financials are under mild pressure.

Major U.S. stock indexes are holding small declines of roughly 0.2% to 0.3% as investors wait for Wednesday’s rate announcement.

Treasury yields are also inching higher. The 2-year yield has moved up to 3.60% from 3.56% late last week, while the 10-year is near 4.18% and the 30-year is around 4.82%.

Market pricing still leans toward a quarter-point cut, though expectations have eased a bit, with futures now showing about an 88% chance of a move.

Corporate headlines are influencing individual moves. Netflix shares are down more than 4% after new competitive pressures emerged in media consolidation. IBM, meanwhile, announced plans to buy Confluent in an $11 billion deal, giving tech stocks an early lift before gains cooled.