When is the next Fed meeting — and what it does to your money here
The US Federal Reserve decides rates on 28–29 July, then again on 15–16 September. Its target range sits at 3.50%–3.75% — and although the decision is made in Washington, it lands in Singapore with unusual force, because MAS doesn’t set interest rates at all. Singapore imports them. That one fact explains why your mortgage, your FD board, your T-bill cut-off and your savings-account bonus all move to the Fed’s rhythm — and it tells you exactly what to do on a hike, a hold or a cut.
Meeting dates and the current target range are from the Federal Reserve's official calendar and rate releases. Market-implied odds are attributed to CME FedWatch as at the date shown and move daily — they are expectations, not forecasts by us. This page explains mechanics; it does not predict any decision.
Spotted a figure that looks wrong or out of date? Report a data error— we’ll check it and correct it openly.
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The 2026 decisions still to come
Eight meetings a year; four remain. Decisions land at 2pm Washington time — 2am the next morning in Singapore.
28–29 JulThis week’s decisionMarkets priced a hold at 3.50–3.75% as the likely outcome (CME FedWatch, late July). Watch the statement’s language more than the number.Decision 2am SGT Thu
15–16 SepThe big one — with the dot plotA projections meeting: every official’s rate path is published. Futures markets have flirted with odds of a hike here — the meeting most likely to move Singapore rates.
27–28 OctOctober check-inNo projections — a statement-and-press-conference meeting.
8–9 DecYear-end, with fresh dotsThe last decision of 2026, plus updated projections into 2027 — the meeting that shapes next year’s FD and mortgage pricing.
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Why a Washington decision reaches your Singapore wallet
The chain has four links — and the first one is the part most people don’t know about their own country.
MAS manages the exchange rate, not interest ratesSingapore’s central bank steers the S$NEER — the trade-weighted exchange rate — and lets interest rates go wherever global markets take them. With capital flowing freely, you can’t control both. Singapore chose the currency; the rate environment is imported.
So US rates become SGD ratesWhen the Fed moves, US yields move, and SGD money-market rates — SORA above all — follow closely (usually sitting somewhat below US rates, with the gap absorbing currency expectations).
SORA prices your mortgage…Most floating home loans are 3-month compounded SORA + a spread. Because it’s a 3-month average, Fed moves reach your instalment gradually — a built-in shock absorber, in both directions.
…and banks’ boards price your savingsFD promotions, T-bill cut-offs, savings-account bonus tiers and cash-management yields all key off the same funding environment. That’s why our FD tracker moves within weeks of every Fed shift — banks reprice deposits with a lag, and promos move first.
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Hike, hold or cut — what each one does here
Same chain, three directions. None of it is instant; all of it is reliable.
HikeSavers win, borrowers paySORA drifts up → floating mortgages cost more within months. FD boards and T-bill cut-offs improve, promos first. Locking a long FD just before a hiking cycle is the classic mistake — stay short until the path is priced.
HoldThe statement matters, not the numberRates stay put but the guidance moves markets: a “hawkish hold” can push SORA up without any hike. Banks reprice fixed-mortgage packages for new customers on the outlook alone.
CutBorrowers exhale, savers scrambleFloating mortgages ease over the following months. FD and T-bill rates fall fast — the window to lock today’s rate closes quickly, which is when laddering longer tenors earns its keep.
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What to actually do around a Fed decision
Not trading — housekeeping. Four moves that don’t require predicting anything.
Know your mortgage’s reset mechanicsFind your loan’s benchmark (3M compounded SORA for most floating packages), reset date and lock-in expiry. If your fixed period ends within a year, get repricing quotes before the September dot-plot meeting shifts the packages on offer.
Ladder deposits instead of bettingSplit FD money across tenors so something matures every few months — you capture hikes without gambling on them and keep locking if cuts come. Today’s verified boards are in the August FD snapshot.
Match the product to the money’s jobEmergency cash belongs in deposit-insured accounts whatever the Fed does (current effective rates); yield-chasing cash can use cash-management products — whose projected yields follow the same rate cycle, with the risks we flag on that page.
Don’t rebuild your plan every eight weeksEight decisions a year is eight chances to over-trade. If your goals haven’t changed, a Fed meeting is a maintenance prompt, not a strategy reset — the plan behind the money matters more than 25 basis points.
The one-line takeawaySingapore imports its interest rates, so every Fed decision eventually visits your mortgage, your FD board and your T-bill cut-off — with a lag you can use. Ladder your deposits, know your mortgage’s reset dates, and treat the 2am announcement as a diary reminder, not a fire alarm. We re-verify the FD and savings boards after each decision; this page carries the updated calendar.
Quick answers
When is the next Fed meeting?The FOMC meets on 28–29 July 2026, with the decision announced on Wednesday 29 July at 2pm Washington time (2am Thursday in Singapore). After that: 15–16 September, 27–28 October and 8–9 December 2026. The September and December meetings also publish the Summary of Economic Projections — the 'dot plot' of where Fed officials expect rates to go.
What is the Fed's interest rate right now?As at end-July 2026 the federal funds target range is 3.50%–3.75%, with the effective rate around 3.63%. Markets priced the July meeting as a likely hold, with meaningful odds of a hike at the September meeting — but market-implied odds move daily; check CME FedWatch for the live figure.
Does MAS follow the Fed?Not directly — and this is the key Singapore quirk. MAS conducts monetary policy through the exchange rate (the S$NEER band), not by setting an interest rate. Because Singapore keeps capital flowing freely and manages its currency, domestic interest rates are largely imported from global — mainly US — rates. So the Fed doesn't set Singapore's rates on paper, but in practice SORA and SGD deposit rates track US rates closely.
Will my FD rates go up if the Fed hikes?Usually, with a lag — banks reprice fixed-deposit boards after funding costs move, and promotional rates respond fastest. But the pass-through is partial and uneven: in a hiking cycle banks raise loan rates faster than deposit rates. If you're laddering FDs, a credible hiking path favours shorter tenors now (so money is free to re-lock higher later); a cutting path favours locking longer while today's rates last.
What happens to my mortgage when the Fed moves?If your home loan is pegged to 3-month compounded SORA, Fed moves reach your instalment mechanically: US rates move SORA, and your rate resets at your loan's refresh interval. There's a built-in lag — 3-month compounded SORA is an average of the past three months — so a Fed move today shows up gradually over the following months. Fixed-rate packages don't move until the fixed period ends, which is why banks reprice the fixed packages they offer new customers almost immediately after the outlook shifts.
What is SORA?SORA (Singapore Overnight Rate Average) is the volume-weighted average rate of unsecured overnight interbank SGD lending, published daily by MAS. It replaced SIBOR as the benchmark for floating-rate mortgages and business loans. Most floating home loans are priced as 3-month compounded SORA plus a spread.
General information, not financial advice and not a prediction of any central-bank decision. Meeting dates and the current target range are from the Federal Reserve’s official releases as at 2026-07-29; market-implied odds are CME FedWatch readings that change daily. Mortgage, deposit and T-bill responses described here are typical transmission patterns, not guarantees — confirm your own loan’s terms with your bank and current rates on the official pages we link.