The Federal Reserve's policy committee will meet eight times in 2027, starting on Jan. 26 to 27 and ending on Dec. 7 to 8. Each meeting ends with a rate decision at 2 p.m. Eastern on its second day, and each one is a market on Kalshi and Polymarket, where traders buy and sell contracts on whether the Fed holds, hikes or cuts.
Those markets matter more than they have in years. In September 2026 the Fed raised its benchmark rate for the first time since 2023, to a target range of 3.75% to 4.00%, and officials signaled that another increase could follow. This guide lists the 2027 schedule, explains which meetings carry new economic projections, and shows how Fed markets are priced and settled.
| Meeting | Dates | New projections (SEP) |
|---|---|---|
| 1 | Jan. 26 to 27, 2027 | No |
| 2 | March 16 to 17, 2027 | Yes |
| 3 | April 27 to 28, 2027 | No |
| 4 | June 8 to 9, 2027 | Yes |
| 5 | July 27 to 28, 2027 | No |
| 6 | Sept. 14 to 15, 2027 | Yes |
| 7 | Oct. 26 to 27, 2027 | No |
| 8 | Dec. 7 to 8, 2027 | Yes |
Tentative schedule published by the Federal Reserve on Sept. 5, 2025. The first meeting of 2028 is Jan. 25 to 26.
How the FOMC Calendar Works
The Federal Open Market Committee meets every six to eight weeks. Each meeting runs two days, Tuesday and Wednesday. The policy statement comes out at 2 p.m. Eastern on Wednesday, and the chair, currently Kevin Warsh, holds a press conference at 2:30 p.m.
Four meetings a year, in March, June, September and December, also publish the Summary of Economic Projections. It includes the "dot plot," each official's view of where rates should be at the end of the next few years. Those meetings tend to move rate markets most, because a decision can come with a shift in the expected path.
The schedule is tentative until each preceding meeting confirms it, but it rarely changes. The committee can also hold unscheduled meetings, as it did in March 2020, and prediction market rules say how those are treated.
Where Rates Stand Going Into 2027
The Fed spent the first part of 2026 on hold, then raised rates by a quarter point at its Sept. 15 to 16 meeting, a unanimous decision that took the target range to 3.75% to 4.00%. The median projection for the end of 2026 rose to 4.1%, implying one more increase was expected.
Markets on Oct. 27, 2026, the first day of the October meeting, priced about a 93% chance of no change and about 6.5% for a quarter-point hike on both Kalshi and Polymarket. Traders also put the chance of no rate cuts at all in 2026 above 94%. Live prices are on our Fed decision odds page, and our article on Fed rate odds tracks the markets through the year.
How Fed Decision Markets Settle
Kalshi lists each meeting as an event with mutually exclusive outcomes: a cut of more than 25 basis points, a 25-point cut, no change, a 25-point hike and a hike of more than 25 points. Exactly one can resolve Yes. The outcome is read from the target range in the FOMC statement. If a scheduled meeting is canceled, Kalshi's rules resolve "Fed maintains rate" to Yes and the rest to No.
Polymarket runs comparable markets on each decision. Both platforms also list longer-dated contracts, such as how many cuts or hikes there will be in a year or where the rate will end the year. For other economic releases, such as CPI and jobs reports, see our guide to Kalshi's economic data markets.
Prediction Markets vs Fed Funds Futures
Professional traders have long read rate expectations from fed funds futures at CME, summarized in tools such as CME FedWatch. Prediction markets ask the same question directly, with a contract that pays $1 for the right outcome. The two usually agree within a few points. When they don't, the gap is often in the tails, such as a surprise move of more than 25 basis points, where prediction market contracts are cheap and thinly traded.
How to Trade Fed Meetings
- Know the calendar. Prices move on economic data in the weeks before a meeting, especially CPI and the jobs report, then on the statement itself.
- Treat the statement and the dots separately. In a projection month, the decision can be priced in while the dot plot still surprises. Longer-dated markets react to the dots, not the decision.
- Watch the blackout period. Fed officials stop speaking publicly about policy shortly before each meeting, so late price moves come from data rather than speeches.
- Mind the fees. Kalshi and Polymarket US charge most near 50 cents and little near the extremes, so a 93-cent favorite is cheap to trade but pays only seven cents. Our Kalshi fees guide explains the formula.
- Hedge real exposure. A business or borrower with floating-rate debt can use these markets to offset the cost of a surprise; see our guide to hedging with prediction markets.
Frequently Asked Questions
When are the FOMC meetings in 2027?
Jan. 26 to 27, March 16 to 17, April 27 to 28, June 8 to 9, July 27 to 28, Sept. 14 to 15, Oct. 26 to 27 and Dec. 7 to 8. The Fed published the tentative schedule on Sept. 5, 2025.
Which 2027 FOMC meetings have a dot plot?
The March, June, September and December meetings, which publish the Summary of Economic Projections.
What time is the Fed announcement?
The policy statement is released at 2 p.m. Eastern on the second day of each meeting, followed by the chair's press conference at 2:30 p.m.
What is the current fed funds rate?
The target range has been 3.75% to 4.00% since the Fed raised rates on Sept. 16, 2026, its first increase since 2023.
How do I bet on Fed rate decisions?
Kalshi and Polymarket list a market for each FOMC meeting with outcomes such as hold, cut or hike. Each contract pays $1 if its outcome happens. These are event contracts on CFTC-regulated exchanges, not sportsbook bets.
What happens if the Fed holds an emergency meeting?
Rules vary by market. Kalshi's meeting markets settle on the decision at the scheduled meeting; if that meeting is canceled, "maintains rate" resolves Yes. Read each market's rules for unscheduled moves.
