Mark Cabana of Bank of America says it is too soon to consider the Federal Reserve’s monetary tightening cycle complete. He believes more than three rate hikes may still be needed, with inflation remaining above the Fed’s target despite a recent pause. The federal funds rate target is currently 3.75% to 4.00%, with an effective rate of 3.88% as of early November 2026. Markets see one rate hike in 2026 as probable, although they remain divided on the likelihood of multiple increases. Future policy decisions will depend on inflation, employment data, and guidance from the Federal Open Market Committee.
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