The Federal Open Market Committee delivered a unanimous 12-0 vote to raise the federal funds rate target range by 25 basis points to 3.75-4% at its September 16, 2026 meeting, aligning with market-implied odds placing overwhelming probability on zero dissents. Elevated inflation readings, including PCE near 3.7% year-over-year and core at 3.3%, combined with July's 9-3 hold featuring three hawkish dissents from regional presidents, built broad committee alignment behind Chair Kevin Warsh's first tightening move since 2023. Updated projections reinforced this path, with most participants anticipating at least one additional hike by year-end amid resilient growth and stable labor conditions. Trader consensus reflects this data-driven convergence, though an unexpected softening in upcoming inflation prints or sharper labor-market deterioration could have introduced divisions.