The Federal Reserve's rate-cut cycle and reversal, 2023-2026

Active · last development Sep 13, 2026: “Federal Reserve rate hike reflects new world of sticky inflation and faster growth”

What this arc covers

At its December 2023 meeting, the Federal Reserve held rates steady and projected cuts in 2024. It held rates through July 2024, then cut them in September, November and December. After pausing in early 2025, it cut rates again in September, October and December 2025. The Fed held rates in early 2026 and projected one cut in March, but raised its target range by a quarter point on September 16, 2026. This arc follows the Fed's rate decisions, significant policy signals and changes in its outlook from the first projection of cuts through that reversal. Market reactions and the separate political dispute over pressure on the Fed are not, by themselves, part of this matter.

Earliest story we hold Dec 11, 2023 · 30 stories · 238 independent sources (counted once each) · 1007 days

Part ofFederal Reserve SystemJerome PowellDonald TrumpFed Chair PowellIranKevin Warsh

Part of The Federal Reserve

  1. The Federal Reserve's rate-cut cycle and reversal, 2023-2026This arcDec 11, 2023 – Sep 13, 2026
  2. Trump's fight with the Federal Reserve over Jerome Powell and Lisa CookNov 7, 2024 – Sep 18, 2026

Where it standsnewest first · each bar runs left to right by leaning

Sep 13– 202026Federal Reserve rate hike reflects new world of sticky inflation and faster growth300 articles · 112 independent sources
26 left, 40 center, 22 right
Mar 17– 182026Federal Reserve projects one rate cut this year and sees limited economic impact from Iran war17 articles · 15 independent sources
1 left, 9 center, 1 right
Jan 282026Federal Reserve holds interest rates steady6 articles · 6 independent sources
0 left, 2 center, 3 right

Key momentsthe most covered; every story is below

  1. Aug 23 – 24, 2024Fed Chair Powell says 'time has come' for shift toward interest rate cuts67 articles · 43 independent sources
  2. Sep 18 – 19, 2024Federal Reserve cuts key rate by sizable half-point, signaling end to its inflation fight111 articles · 56 independent sources
  3. Nov 4 – 8, 2024Federal Reserve cuts its key interest rate by a quarter-point on heels of election94 articles · 58 independent sources
    1. Nov 4, 2024Only lean-left coverage:Americans are probably getting another interest rate cut this week — just days after the election
    2. Nov 6, 2024Only center coverage:US Fed expected to look beyond Trump win and cut rates again
  4. Dec 18 – 19, 2024Federal Reserve cuts its key rate by a quarter-point, but envisions fewer reductions next year88 articles · 54 independent sources
  5. Sep 16 – 18, 2025Fed rate cuts: What they mean for you109 articles · 55 independent sources
    1. Sep 16, 2025What a Fed rate cut could mean for your wallet
    2. Sep 17, 2025Fed cuts key interest rate, signals two more this year
  6. Dec 10 – 11, 2025Federal Reserve votes to cut interest rates for a 3rd time70 articles · 43 independent sources
  7. Sep 13 – 20, 2026Federal Reserve rate hike reflects new world of sticky inflation and faster growth300 articles · 112 independent sources
    1. Sep 13, 2026Warsh and Trump on collision course as investors expect Fed to raise rates
    2. Sep 14, 2026The Fed Is Expected to Raise Rates Wednesday, but Inflation Is Not the Whole Story
    3. Sep 14, 2026Federal Reserve is expected to raise its benchmark rate, defying Trump’s demands
    4. Sep 16, 2026US Fed raises rates to tackle 'too high' inflation, irking Trump
    5. Sep 17, 2026Why the Federal Reserve is lifting rates now, and what it means

Who covered it, over timeindependent sources per week, by side

Dec 2023Jul 2024Jan 2025Aug 2025Feb 2026Sep 2026

LeftCenterRight

Point at or tap a week to see its count by side.

Every week as a table
Week ofLeftCenterRightArticles
Dec 11, 2023510542
Jan 1, 20240217
Jan 15, 20240327
Jan 29, 20241011343
Feb 5, 202446433
Mar 4, 202459323
Mar 11, 20240101
Mar 18, 2024913753
Mar 25, 20241028
Apr 29, 202413015
May 13, 20242116
Jun 10, 202449636
Jul 29, 202424127
Aug 19, 2024714965
Sep 2, 202415010
Sep 9, 202428144
Sep 16, 20246195109
Nov 4, 2024923991
Dec 16, 20246227115
Jan 27, 2025514131
Jul 28, 202559537
Aug 18, 202547639
Sep 15, 202572310104
Oct 27, 2025714658
Dec 8, 2025617668
Jan 26, 20260235
Mar 16, 202619117
Sep 7, 20261012
Sep 14, 2026264021293

Stories before June 28, 2026 come from archived pages, so who covered them is limited to the outlets we recovered for that period.

26% left · 58% center · 16% right of 238 independent sources among the outlets we track, across 30 stories.

Every storyoldest first

  1. December 2023

    Dec 11– 14Federal Reserve keeps key interest rate unchanged and foresees 3 rate cuts next year43 articles · 26 independent sources
    5 left, 10 center, 5 right

  2. January 2024

    Jan 3Fed officials in December saw rate cuts likely, but path highly uncertain, minutes show7 articles · 5 independent sources
    0 left, 2 center, 1 right
  4. Jan 30– 31Federal Reserve signals that interest rate cuts aren't imminent and leaves them unchanged for now44 articles · 31 independent sources
    10 left, 11 center, 3 right

  5. February 2024

    Feb 5Powell: Federal Reserve on track to cut rates this year with inflation slowing and economy healthy24 articles · 22 independent sources
    3 left, 5 center, 3 right
  6. Feb 8Inflation is nearly back to 2%. So why isn't the Federal Reserve ready to cut rates?9 articles · 9 independent sources
    1 left, 1 center, 2 right

  7. March 2024

    Mar 6Powell Reiterates Fed Needs More Confidence on Inflation to Cut24 articles · 21 independent sources
    5 left, 9 center, 3 right
  8. Mar 17– 21Fed leaves interest rates steady as officials debate timing for cuts48 articles · 27 independent sources
    8 left, 11 center, 6 right
  9. Mar 20Fed still foresees 3 rate cuts this year but envisions higher rates in future7 articles · 6 independent sources
    1 left, 3 center, 1 right
  10. Mar 29Powell says Fed wants to see 'more good inflation readings' before it can cut rates8 articles · 8 independent sources
    1 left, 0 center, 2 right

  11. May 2024

    May 1Fed says interest rates will stay at two-decade high until inflation further cools15 articles · 11 independent sources
    1 left, 3 center, 0 right
  12. May 14US Fed chair says confidence inflation will ease 'not as high as it was'6 articles · 6 independent sources
    2 left, 1 center, 1 right

  13. June 2024

    Jun 11– 13Fed holds interest rates steady, projects just one cut this year36 articles · 22 independent sources
    4 left, 9 center, 6 right

  14. July 2024

    Jul 31Fed holds interest rates steady, but cut expected soon28 articles · 8 independent sources
    2 left, 4 center, 1 right

  15. August 2024

    Aug 23– 24Fed Chair Powell says 'time has come' for shift toward interest rate cuts67 articles · 43 independent sources
    7 left, 14 center, 9 right

  16. September 2024

    Sep 5– 6Jobs report will help Federal Reserve decide how much to cut interest rates10 articles · 10 independent sources
    1 left, 5 center, 0 right
  17. Sep 11US inflation reaches a 3-year low as Federal Reserve prepares to cut interest rates44 articles · 27 independent sources
    2 left, 8 center, 1 right
  18. Sep 18– 19Federal Reserve cuts key rate by sizable half-point, signaling end to its inflation fight111 articles · 56 independent sources
    6 left, 19 center, 5 right

  19. November 2024

    Nov 4– 8Federal Reserve cuts its key interest rate by a quarter-point on heels of election94 articles · 58 independent sources
    9 left, 23 center, 9 right

  20. December 2024

    Dec 16Federal Reserve is likely to slow its rate cuts with inflation pressures still elevated30 articles · 12 independent sources
    0 left, 3 center, 0 right
  21. Dec 18– 19Federal Reserve cuts its key rate by a quarter-point, but envisions fewer reductions next year88 articles · 54 independent sources
    6 left, 20 center, 7 right

  22. January 2025

    Jan 27– 30The Federal Reserve holds interest rates steady as inflation remains stubborn31 articles · 22 independent sources
    5 left, 14 center, 1 right

  23. July 2025

    Jul 30– 31The Fed holds interest rates steady despite intense pressure from Trump37 articles · 19 independent sources
    5 left, 9 center, 5 right

  24. August 2025

    Aug 22Powell signals Fed may cut rates soon even as inflation risks remain40 articles · 29 independent sources
    4 left, 7 center, 6 right

  25. September 2025

    Sep 16– 18Fed rate cuts: What they mean for you109 articles · 55 independent sources
    7 left, 23 center, 10 right

  26. October 2025

    Oct 28– 29Federal Reserve cuts key rate as government shutdown clouds economic outlook60 articles · 36 independent sources
    7 left, 14 center, 6 right

  27. December 2025

    Dec 10– 11Federal Reserve votes to cut interest rates for a 3rd time70 articles · 43 independent sources
    6 left, 17 center, 6 right

  28. January 2026

    Jan 28Federal Reserve holds interest rates steady6 articles · 6 independent sources
    0 left, 2 center, 3 right

  29. March 2026

    Mar 17– 18Federal Reserve projects one rate cut this year and sees limited economic impact from Iran war17 articles · 15 independent sources
    1 left, 9 center, 1 right

  30. September 2026

    Sep 13– 20Federal Reserve rate hike reflects new world of sticky inflation and faster growth300 articles · 112 independent sources
    26 left, 40 center, 22 right