Fed OPEC rates unchanged: that is the twin headline from last week, with interest rates left untouched on one side and OPEC+ quotas left untouched on the other. On October 28, 2026, the Federal Open Market Committee (FOMC) voted to keep the target range for the federal funds rate at 3.75-4 percent by a vote of 10 to 2, and on November 1, 2026, the seven countries of the OPEC+ group kept the required production level set in September in place for December. This recap reviews the detail of both decisions before presenting the confirmed agenda for the week of November 2 to 8, 2026.
The Fed’s decision of October 28, 2026
In its official statement of October 28, 2026, the FOMC indicates that its decision was approved by a vote of 10 to 2: “The Federal Open Market Committee approved the following statement for release by a 10 – 2 vote: The Committee decided to maintain the target range for the federal funds rate at 3-3/4 to 4 percent”. The target range for the federal funds rate therefore remains set between 3.75 percent and 4 percent.
The statement also names the two dissenting members and the direction of their vote: “Voting against the monetary policy action were Lisa D. Cook and Beth M. Hammack, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting”. Lisa D. Cook and Beth M. Hammack therefore favored a 0.25 percentage point increase rather than holding rates steady. For background on this meeting and the tech earnings that surrounded it, see the October 29, 2026 briefing.
OPEC+’s decision of November 1, 2026
On November 1, 2026, the seven participating countries of OPEC+ published a statement confirming that production levels would be held: “The seven participating countries decided to maintain September 2026 required production for December 2026 as detailed in the table below”. The required production level set for September 2026 therefore also applies to December 2026, with no further adjustment.
The same statement sets the date of this group’s next monthly meeting: “The next meeting will be held on 29 November 2026”. For the detail of this decision and that day’s market context, see the November 1, 2026 briefing.
Summary table of both decisions
| Institution | Date | Decision |
|---|---|---|
| Federal Reserve (FOMC) | October 28, 2026 | Rates held at 3.75-4 percent, vote 10 to 2 |
| OPEC+ (seven-country group) | November 1, 2026 | December production held at September’s level |
Two deadlines that became reality during the week of November 2 to 8, 2026
Two institutional deadlines, announced as upcoming at the time this recap was first drafted, have since played out. The Bank of England’s Monetary Policy Committee voted 8 to 1 to raise the bank rate by 0.25 percentage point, to 4 percent, at a meeting concluded on Wednesday, November 4, 2026; the corresponding statement was published on Thursday, November 5, 2026. One member, Catherine L. Mann, voted for a larger increase, of 0.5 point, to 4.25 percent.
The US Bureau of Labor Statistics, for its part, released its monthly employment report on Friday, November 6, 2026. The Employment Situation report covering October 2026 shows nonfarm payrolls up by 165,000 and an unemployment rate of 4.1 percent.
For a sense of how a briefing distinguishes agenda items from confirmed facts day by day, see the October 26, 2026 briefing. For context on the session that preceded the FOMC vote, see also the October 28, 2026 briefing.
Frequently asked questions
Why did two Fed members vote against holding rates steady?
According to the October 28, 2026 statement, Lisa D. Cook and Beth M. Hammack voted against the decision because they preferred to raise the target range for the federal funds rate by 0.25 percentage point rather than keeping it unchanged. The statement does not give further detail on their reasoning.
What does holding OPEC+ quotas steady mean for December?
It means that the seven participating countries will apply the same required production level in December 2026 that they applied in September 2026, with no additional increase or decrease decided at this November 1 meeting.
When is this OPEC+ group’s next meeting scheduled?
The November 1, 2026 statement sets the next monthly meeting for November 29, 2026.
What came out of the two economic deadlines for the week of November 2 to 8, 2026?
The Bank of England raised its bank rate by 0.25 point, to 4 percent, by a vote of 8 to 1, at a meeting concluded on November 4, 2026, with the statement published on November 5, 2026. The US Bureau of Labor Statistics’ October employment report, released on November 6, 2026, shows nonfarm payrolls up by 165,000 and an unemployment rate of 4.1 percent.