Federal Reserve Meeting Schedule and Impact on Canada

The Federal Reserve Meeting Calendar and Process

The Federal Open Market Committee meets eight times per year on a pre-announced schedule. These meetings are typically held approximately every six weeks. The meeting dates for a given year are published in advance, with the 2026 schedule already available. Each meeting date is considered tentative until it is formally confirmed at the meeting immediately preceding it. The FOMC can also convene unscheduled meetings as needed to address urgent economic or financial developments. The Committee's membership changes at the first regularly scheduled meeting of each calendar year. Detailed information for each event, including precise timing, is usually made available in a media advisory published approximately three business days prior.

The meetings are held in Eastern Time and follow a structured process. A two-day meeting is scheduled for January 25-26, 2028, illustrating the forward planning involved. The culmination of each meeting is a policy statement announcing the Committee's decision on the federal funds rate target range. This announcement is followed by a press conference held by the Federal Reserve Chair, who provides further context and answers questions from the media. The official record of the discussions, known as the meeting minutes, is released to the public three weeks after the date of the policy decision. These documents offer deeper insight into the economic data and debates that shaped the final decision.

Key Dates and Documents from FOMC Meetings

Several important documents are released in conjunction with FOMC meetings, each serving a distinct purpose for market participants and analysts. The immediate output is the policy statement, released at the conclusion of the meeting, which states the interest rate decision and provides a concise rationale. Following this, the Chair's press conference offers a live explanation and forward guidance. The minutes, released three weeks later, provide a more detailed account of the Committee's deliberations and the views of individual members. Four times a year, specific meetings are associated with the release of the Summary of Economic Projections, which includes the famous dot plot charting individual members' rate forecasts.

• The policy statement is released at the conclusion of each FOMC meeting.
• The Federal Reserve Chair holds a press conference after the announcement.
• Meeting minutes are released three weeks after the policy decision date.
• The Summary of Economic Projections is released four times a year.
• The FOMC makes an annual report pursuant to the Freedom of Information Act.
• A media advisory with detailed event info is published about three business days prior.

The FOMC also makes an annual report pursuant to the Freedom of Information Act, and a dedicated FOIA Service Center provides information on request status and process. For those tracking the schedule, the confirmed 2026 meeting dates include January 27-28, March 17-18, April 28-29, June 9-10, July 28-29, September 15-16, November 4-5, and December 16-17. It is important to note that the March, June, September, and December 2026 meetings are associated with a Summary of Economic Projections. These projections are a critical tool for understanding the Fed's medium-term economic outlook and policy path.

How US Federal Reserve Decisions Affect Canada

Decisions made by the US Federal Reserve have significant repercussions for the Canadian economy and financial markets. The most direct transmission channel is through the Canada-US exchange rate. When the Fed raises interest rates, it often strengthens the US dollar relative to the Canadian dollar, making imports from the US more expensive for Canadians and exports to the US more competitive. Conversely, Fed rate cuts can weaken the US dollar, giving the Canadian dollar relative strength. This currency dynamic directly impacts cross-border trade, corporate earnings for exporters and importers, and the purchasing power of Canadian consumers and travelers.

Beyond currency effects, Fed policy influences global capital flows and investor sentiment. Tighter monetary policy in the US can lead to higher borrowing costs worldwide, including in Canada, as global investors demand higher returns. This can put upward pressure on Canadian bond yields, which are a key benchmark for fixed mortgage rates. Furthermore, the Bank of Canada often considers the policy path of its largest trading partner when setting its own course, though it prioritizes domestic inflation and employment goals. The current federal funds rate target range is 3.50% to 3.75%, while the Bank of Canada's overnight rate target is 2.25% as of September 2026, illustrating an independent but interconnected policy stance.

Bank of Canada's Schedule and Communication

The Bank of Canada operates on its own predetermined schedule for monetary policy announcements, which is distinct from but often analyzed alongside the Fed's calendar. The Bank announces its target for the overnight rate on eight fixed dates each year. For 2026, the next scheduled announcement is on October 28, followed by another on December 9. Each announcement is made via a press release at 9:45 AM Eastern Time, which explains the factors behind the Governing Council's decision. Four times a year, these rate announcements coincide with the release of the Monetary Policy Report, which presents the Bank's base-case projection for inflation and growth and its assessment of risks.

• The Bank of Canada makes interest rate announcements on eight fixed dates annually.
• The next announcement in 2026 is scheduled for October 28.
• A second 2026 announcement is scheduled for December 9.
• Announcements are made at 9:45 AM Eastern Time via press release.
• The Monetary Policy Report is released four times a year.
• A Summary of Deliberations is published two weeks after a policy decision.
• The Market Participants Survey is released quarterly, next on November 9, 2026.
• The Senior Loan Officer Survey is released, with the next on November 20, 2026.

To enhance transparency, the Bank of Canada publishes a Summary of Deliberations approximately two weeks after each policy decision. This document outlines the key discussions that took place among Governing Council members. Other important scheduled communications include the quarterly Market Participants Survey released on November 9, 2026, and the Senior Loan Officer Survey on November 20, 2026. The Bank also holds an Annual Economic Conference, scheduled for November 9, 2026, in Ottawa. This structured, predictable communication schedule is designed to make monetary policy actions understandable and to demonstrate accountability to Canadians.

Common Monetary Policy Actions and Their Goals

Central banks like the Federal Reserve and the Bank of Canada use changes to their policy interest rates to achieve macroeconomic stability. A decision to raise interest rates, known as a rate hike, is typically employed to cool an overheating economy and control inflation. When the Fed hikes rates, borrowing becomes more expensive for US consumers and businesses, which can slow spending and investment. This action can strengthen the US dollar and, if overdone, risk slowing economic growth too much or triggering a recession. The Fed began a series of rate cuts in late 2025 before holding rates steady at its March 2026 meeting.

A decision to lower interest rates, or a rate cut, is used to stimulate economic activity during a downturn. Cheaper borrowing costs encourage consumer spending and business investment, which can support job creation and growth. Rate cuts can also weaken a currency, making exports more competitive. However, overly aggressive or prolonged low rates can fuel asset bubbles and lead to higher inflation down the road. The central banks do not change rates on a fixed timetable but rather adjust them as needed based on incoming economic data, with their primary goal being to keep inflation low, stable, and predictable.

Practical Implications for Canadian Consumers and Investors

For Canadian homeowners with variable-rate mortgages or lines of credit, the decisions of both the Bank of Canada and the US Federal Reserve are highly relevant. The Bank of Canada's overnight rate directly influences the prime rate set by Canadian financial institutions, which in turn affects variable mortgage rates, home equity lines of credit, and variable-rate loans. When the Bank of Canada changes its rate, these borrowing costs typically adjust shortly thereafter. While the Fed does not set Canadian rates, its actions influence global bond yields and investor expectations, which can affect fixed mortgage rates offered by Canadian lenders.

Canadian investors should monitor Fed meetings because policy shifts can cause volatility in both equity and bond markets. Rate hikes can pressure stock valuations, particularly for growth-oriented companies, while benefiting certain financial sectors. Rate cuts often provide a boost to equity markets but can reduce returns on interest-bearing savings and fixed-income investments. Savvy investors watch for signals in the Fed's policy statements, economic projections, and the Chair's press conference for clues about the future path of rates. This information is crucial for asset allocation decisions and managing portfolio risk in a globally connected financial system.

Frequently asked questions

Sources and further reading

1. The Fed, Meeting calendars and information federalreserve.gov
2. Upcoming events bankofcanada.ca
3. Bank of Canada Interest Rate Schedule 2026 myperch.io
4. When is the next Fed interest rate decision? - Equals Money equalsmoney.com

This article explains how things work and is not financial, tax or legal advice. Rules, limits and rates change, so check the current figures with the Canada Revenue Agency, your province or your financial institution before you act.