Ivory marked by the Royal African Company. International Slavery Museum, Liverpool. Wikimedia Commons.
On September 16, 2026, the Federal Reserve raised its funds rate by a quarter point, to 3.75 to 4 percent, under Chair Kevin Warsh.
If money is tight, the balance you revolve is the part of this decision you can still change.
If you are in the middle, a fixed mortgage stays put, and a new car, house, or refinance does not.
If you have savings, cash may pay a little more, and that is not a raise if prices are why the Fed moved.
On September 16, 2026, the Federal Reserve raised the federal funds rate by 0.25 point.
The new range was 3.75 to 4 percent, and Kevin Warsh was the chair.
The funds rate is the floor under new borrowing, not a rewrite of a loan that is already fixed.
Source: Federal Reserve decision of September 16, 2026, under Chair Kevin Warsh, raising the funds rate 0.25 point to 3.75-4.00 percent.