The Federal Reserve's own press release for 16 September 2026 states that the Committee approved the statement for release by a 12-0 vote and decided to raise the target range for the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent, in support of the Federal Reserve's dual mandate . On the reason, the statement's decisive sentences read: "Inflation remains elevated. Today's policy action will support a timelier return to the Committee's 2 percent goal. The Committee will deliver price stability." The accompanying Implementation Note records that the Board of Governors voted unanimously to raise the interest rate paid on reserve balances to 3.90 percent effective 17 September 2026, and approved a 1/4 percentage point increase in the primary credit rate to 4.0 percent , which is the mechanical counterpart of a 25 basis point move.

Press reporting matches the primary record. CNBC reported the Fed raised its benchmark rate by 25 basis points to a target range of 3.75%-4%, its first increase since 2023, approved unanimously, with updated projections pointing to the possibility of another increase this year.

NBC News reported the hike was the first since 2023, brought the rate to between 3.75% and 4.00%, was unanimously supported, and signaled one more hike could come before year end, with Chair Kevin Warsh saying inflation is too high and has been for too long.

On the two supporting slides: Bloomberg reported that Trump said he still had confidence in Fed Chairman Kevin Warsh and criticized what he called a "hostile" board after the central bank unanimously defied his calls to lower borrowing costs , and Yahoo Finance reported Trump said rates "should be 1%, or less" hours after the Fed unanimously raised its benchmark rate to a range of 3.75%-4.00% . On the forecast, Reuters reported Goldman Sachs expects the Fed to raise rates again in October, forecasting a 25 basis point increase at the October meeting, a reversal from its previous expectation of a single hike this year .