Quick answer: In its Oct. 28, 2026 Fed rate decision, the Federal Reserve kept the federal funds target range at 3.75%–4% by a 10–2 vote. Governors Lisa Cook and Beth Hammack dissented in favor of a quarter-point hike, per the Fed’s statement. Bitcoin traded near $80,800 right after the 18:00 UTC release, per CoinGecko.
The Fed rate decision came out exactly as markets expected, but the vote did not. On Oct. 28, 2026, at 2:00 p.m. EDT (18:00 UTC), the Federal Open Market Committee (FOMC) kept the federal funds target range at 3.75% to 4%. It did so by a 10–2 vote, according to the Federal Reserve’s statement. Both dissenters wanted to raise rates again.
For crypto traders, that split matters more than the pause itself. A Fed that is arguing about more hikes is not a Fed that is about to ease.
What was the Fed rate decision on Oct. 28, 2026?
The Committee “decided to maintain the target range for the federal funds rate at 3-3/4 to 4 percent.” It also said it will keep “maintaining ample reserves in the banking system.”
Governor Lisa D. Cook and Cleveland Fed President Beth M. Hammack voted against. Per the statement, both “preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting.”
This follows the Sept. 16, 2026 statement, when the FOMC raised rates by a quarter point to the current range in a unanimous 12–0 vote.
What changed in the Fed statement wording?
Small edits carry the signal. Comparing the two statements:
| Sept. 16, 2026 | Oct. 28, 2026 | |
|---|---|---|
| Decision | Hike 0.25 pt to 3.75%–4% | Hold at 3.75%–4% |
| Vote | 12–0 | 10–2 (two wanted a hike) |
| Growth wording | “solid pace” | “strong pace” |
| Inflation | “remains elevated” | “remains elevated” |
| Next step | Hike “will support a timelier return” to 2% | “Accumulation of more information” will guide policy |
So the Fed upgraded its view of growth, kept calling inflation elevated, and kept the line “The Committee will deliver price stability.” In plain terms, the door to a December hike stays open.
How did Bitcoin react to the Fed rate decision?
Calmly, at first. Bitcoin traded around $80,400 to $80,600 for most of the U.S. afternoon, then climbed into the release. It sat near $80,800 at 18:00 UTC, up about 0.5% over 24 hours, per CoinGecko. Ether hovered near $2,344. You can follow live moves on our Bitcoin price page and Ethereum price page.
The muted move makes sense. A hold was widely priced in, so the surprise sits in the dissents and in Chair Kevin Warsh’s press conference, scheduled for 2:30 p.m. EDT (18:30 UTC). That is where price swings usually start on FOMC days.
Why do hawkish dissents matter for crypto?
Bitcoin tends to trade like a liquidity asset. Higher policy rates raise the return on cash and Treasury bills, which makes holding a non-yielding asset less attractive. They also tend to firm up the dollar.
Two votes for a hike tell markets that part of the Committee still sees inflation as the bigger risk. As a result, any hint from Warsh that December is “live” for a hike could weigh on risk assets. A softer tone could do the opposite.
Flows are already mixed. US spot Bitcoin ETFs took in a net +$110.3 million on Oct. 26, but the five-day total was −$115.2 million, per our Bitcoin ETF flows tracker. New to the products? See how crypto ETFs work.
What should traders watch next?
- The press conference. Listen for whether Warsh calls December a live meeting, and how he describes inflation.
- Key levels. Galaxy’s research flagged $76,540 as the line that matters for the trend, as we covered in our bear-market analysis.
- Dec. 8–9 FOMC. That meeting includes a new Summary of Economic Projections, per the Fed’s calendar, so the “dot plot” will show how many officials favor more hikes.
Longer-horizon views have not changed much on one meeting. Bitwise, for instance, just raised its long-term target, as covered in our Bitwise report. However, short-term price action stays tied to rates.
This article is for information only. Not financial advice. DYOR.
Fed Rate Decision FAQ
Did the Fed raise or cut rates in October 2026?
Neither. On Oct. 28, 2026, the Federal Reserve held the federal funds target range at 3.75% to 4% by a 10–2 vote, per its official statement. The last change was a quarter-point hike on Sept. 16, 2026.
Who dissented at the October 2026 FOMC meeting?
Governor Lisa D. Cook and Cleveland Fed President Beth M. Hammack dissented. Both preferred to raise the target range by 0.25 percentage point, according to the Fed’s Oct. 28, 2026 statement.
Is the Fed rate decision bullish or bearish for Bitcoin?
The hold itself was expected, so Bitcoin barely moved, trading near $80,800 at 18:00 UTC per CoinGecko. The two hike votes lean hawkish, which usually weighs on risk assets if the Fed later follows through.
When is the next Fed meeting?
The next FOMC meeting is Dec. 8–9, 2026, according to the Federal Reserve’s calendar. It comes with an updated Summary of Economic Projections, including the dot plot of officials’ rate expectations.
