> ## Content Index > Fetch the complete content index at: https://www.blackexecutivebrief.com/llms.txt > Use this file to discover other available public pages before exploring further. # Federal Reserve Raises Federal Funds Rate To 3.75-4.00 Percent In First Rate Hike Since 2023 - URL: https://www.blackexecutivebrief.com/federal-reserve-raises-federal-funds-rate-to-3-75-4-00-percent-in-first-rate-hike-since-2023/ - Published: 2026-09-17T00:15:03.000Z - Updated: 2026-09-17T00:28:53.000Z - Description: The Federal Reserve raised the federal funds target range to 3.75-4.00 percent Wednesday in a unanimous 12-0 vote, the first rate hike since July 2023. The Black Executive Journal — Daily Edition - Author: BEB Editors - Tags: The Pulse ## KEY TAKEAWAYS - **The Federal Open Market Committee raised the federal funds target range by 25 basis points to 3-3/4 to 4 percent** in a **unanimous 12-0 vote** ([Federal Reserve — September 16, 2026](https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a1.htm)), the first rate hike since July 2023 ([StockTitan — September 16, 2026](https://www.stocktitan.net/articles/fed-rate-hike-september-16-2026?ref=blackexecutivebrief.com)). - **The Board of Governors set the interest rate on reserve balances (IORB) to 3.90 percent, the standing overnight reverse repurchase agreement rate to 3.75 percent, the standing repo rate to 4.00 percent, and the primary credit rate to 4.00 percent**, all effective September 17, 2026 ([Federal Reserve Implementation Note — September 16, 2026](https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a1.htm)). - **The September Summary of Economic Projections shows 16 of 18 participants placing their end-2026 dot above the new midpoint**, with a **2026 median of 4.1 percent, a 2027 median of 4.1 percent, and headline PCE inflation revised up to 3.7 percent for 2026** ([StockTitan — September 16, 2026](https://www.stocktitan.net/articles/fed-rate-hike-september-16-2026?ref=blackexecutivebrief.com)). --- ![CTA Image](https://storage.ghost.io/c/93/1b/931b4d57-9a15-4237-a6dd-adca85870389/content/images/2026/08/bej-hero-2400x800-launch-6.jpg) ****THE BLACK EXECUTIVE JOURNAL™ — THE MAGAZINE** ****Launching October 12, 2026** Shipping to more than ****150 countries worldwide.** --- # STORIES THAT MATTER --- ## UNITED STATES — Federal Reserve Restarts Rate-Hike Cycle With Quarter-Point Increase To 3.75-4.00 Percent The Federal Open Market Committee raised the target range for the federal funds rate by 25 basis points to **3-3/4 to 4 percent** on Wednesday, September 16, ending a rate-cut cycle that had brought the range from its 2023 peak down to 3.50-3.75 percent in December 2025 ([Federal Reserve — September 16, 2026](https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a1.htm)). The Committee vote was **unanimous, 12 to 0** ([StockTitan — September 16, 2026](https://www.stocktitan.net/articles/fed-rate-hike-september-16-2026?ref=blackexecutivebrief.com)). The Board of Governors, in a separate unanimous vote, moved the IORB to **3.90 percent**, the ON RRP rate to **3.75 percent**, the standing repo rate to **4.00 percent**, and the primary credit rate to **4.00 percent**, all effective Thursday, September 17 ([Federal Reserve Implementation Note — September 16, 2026](https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a1.htm)). The per-counterparty daily ON RRP limit remains **$160 billion**. The Committee's statement described inflation as **"elevated"** and framed the action as a way to "support a timelier return to the Committee's 2 percent goal," committing that the Committee "will deliver price stability" ([StockTitan — September 16, 2026](https://www.stocktitan.net/articles/fed-rate-hike-september-16-2026?ref=blackexecutivebrief.com)). Economic activity was characterized as **"expanding at a solid pace,"** with productivity and capital investment described as **"strong"** and job gains having **"kept pace with the workforce."** That language reads as a Committee no longer worried about downside labor risk and squarely focused on unfinished disinflation. The **updated Summary of Economic Projections** materially repriced the policy path. The **end-2026 federal funds rate median moved to 4.1 percent from 3.8 percent** in June, and the **end-2027 median moved to 4.1 percent from 3.6 percent** — a full 50-basis-point upward revision to next year's terminal path. **Sixteen of 18 participants** placed their 2026 dot above the new **3.875 percent midpoint**: 12 dots at 4.125 percent and 4 dots at 4.375 percent, signaling at least one further hike is the base case with a meaningful tail scenario of two ([StockTitan — September 16, 2026](https://www.stocktitan.net/articles/fed-rate-hike-september-16-2026?ref=blackexecutivebrief.com)). Headline PCE inflation projections for 2026 were revised up to **3.7 percent** from 3.6 percent, and core PCE for 2026 was lifted to **3.4 percent** from 3.3 percent. The unemployment rate projection was revised down to **4.1 percent for both 2026 and 2027** from 4.3 percent. --- [Global Capital Opportunities Report — September 2026 | Black Executive Journal150+ verified capital opportunities for Black & diaspora founders. VC flow, DFI windows, grants & private credit across Africa, US, Caribbean & more.![](https://storage.ghost.io/c/93/1b/931b4d57-9a15-4237-a6dd-adca85870389/content/images/icon/Black_Executive_256_1400_x_1400_px_2-36159da7-134b-4b52-a684-6bfa9f5a4ce1.png)The Black Executive Journal ShopThe Black Executive Journal Shop![](https://storage.ghost.io/c/93/1b/931b4d57-9a15-4237-a6dd-adca85870389/content/images/thumbnail/The_Black_Executive_Journal_Global_Capital_Opportunities_September_2026-57322afd-13a2-4b5c-aacc-a488ca71d567.jpg)](https://shop.blackexecutivebrief.com/products/global-capital-opportunities-september-2026?ref=blackexecutivebrief.com) --- ### Why It Matters The Fed has re-opened the hiking cycle and told the market to expect another quarter-point higher, with a real chance of two, by year-end. For Black-owned SMEs carrying floating-rate SBA 7(a) debt, credit-card working-capital lines, and merchant-cash-advance obligations, effective borrowing rates step up on Thursday. For homeowners and prospective buyers, the 30-year mortgage is unlikely to break lower on this print, which pushes affordability further from reach in majority-Black metros where median-income-to-median-home-price ratios were already stretched. Family offices holding cash instruments now see IORB at 3.90 percent and ON RRP at 3.75 percent — a floor high enough to keep the incentive to hold duration weak until either inflation cracks or the labor market rolls. --- [The BEJ DropStay current with the latest from The Black Executive Journal Shop — new polo arrivals, calendar drops, magazine releases, and exclusive product announcements.![](https://storage.ghost.io/c/93/1b/931b4d57-9a15-4237-a6dd-adca85870389/content/images/icon/Black_Executive_256_1400_x_1400_px_2-f8ee34d7-1425-493e-a499-58ec7faecc43.png)The Black Executive Journal ShopBEJ Editorial Staff![](https://storage.ghost.io/c/93/1b/931b4d57-9a15-4237-a6dd-adca85870389/content/images/thumbnail/The_Standard-24ff5aac-caa9-46fc-b2fa-5eaf43105320.png)](https://shop.blackexecutivebrief.com/blogs/the-bej-drop?ref=blackexecutivebrief.com) --- ## UNITED STATES — Census Bureau Reports August Retail Sales Rose 1.2 Percent Month-Over-Month Advance monthly sales for retail and food services rose **1.2 percent in August 2026** versus the previous month, published Wednesday morning by the Census Bureau — well above the **+0.7 percent FactSet consensus** and reversing a revised −0.5 percent print for July ([TradingKey via Mitrade — September 16, 2026](https://www.mitrade.com/insights/news/live-news/article-8-2091481-20260916?ref=blackexecutivebrief.com)). The rebound was described as broad-based across categories, underlining resilient household spending ([BriskMarkets — September 16, 2026](https://www.briskmarkets.com/blog/retail-sales-report-us-spending-surges-1-2-before-crucial-fed-decision/?ref=blackexecutivebrief.com)). Coming into the FOMC statement, the print reinforced the case for hiking: consumer demand strong, the labor market steady, and inflation still running above target. The consumer is not the source of Federal Reserve caution today; the credibility of the 2 percent goal is. --- [Procurement Windows Closing Before October 15 — September 2026 Sourcing Desk Deadline Map42 procurement deadlines across Sept & Oct. The Global Sourcing Desk Deadline Map tracks every closing date with eligibility flags. Built for 8(a) and diaspora founders.![](https://storage.ghost.io/c/93/1b/931b4d57-9a15-4237-a6dd-adca85870389/content/images/icon/Black_Executive_256_1400_x_1400_px_2-d6b813df-9e9d-4bf0-a188-e263737f566c.png)The Black Executive Journal ShopBEJ Editorial Staff![](https://storage.ghost.io/c/93/1b/931b4d57-9a15-4237-a6dd-adca85870389/content/images/thumbnail/post-4-image_cce2d56a-3444-4563-8ee9-b7a523fe46c9-b6709522-bc5e-4bdb-b47a-b7cb81d7e255.png)](https://shop.blackexecutivebrief.com/blogs/the-bej-drop/these-procurement-windows-close-before-october-15-the-deadline-map-inside-the-september-sourcing-desk?ref=blackexecutivebrief.com) --- ### Why It Matters Retail throughput is holding up despite the highest funding cost this cycle. That is bullish for retail-adjacent Black-owned operators — food service, apparel, health and personal care — that were braced for a demand air pocket. It is bearish for anyone who was expecting mortgage rates and consumer-lending APRs to reset lower in Q4 2026\. Rate transmission from today's hike into revolving credit APRs typically shows up in the first billing cycle; SBA 7(a) variable-rate reset happens on the loan's index-adjustment schedule, most commonly monthly against Prime. --- [Capital Funding Deadlines Q3 2026 | Global Capital Opportunities BEJEleven dated capital windows are closing this quarter. Four expire before November. One US institution’s legal authority sunsets December 31\. Are you tracking the right deadlines?![](https://storage.ghost.io/c/93/1b/931b4d57-9a15-4237-a6dd-adca85870389/content/images/icon/Black_Executive_256_1400_x_1400_px_2-050972f9-91a1-4434-8997-3c997229b0f1.png)The Black Executive Journal ShopBEJ Editorial Staff![](https://storage.ghost.io/c/93/1b/931b4d57-9a15-4237-a6dd-adca85870389/content/images/thumbnail/the-black-executive-journal-post-5_8fa2788b-2155-4369-9a7c-252a5b323065-da190037-d40d-4ae8-aaaa-a8b35866d7b9.png)](https://shop.blackexecutivebrief.com/blogs/the-bej-drop/11-capital-windows-closing-this-quarter-how-many-are-you-tracking?ref=blackexecutivebrief.com) --- ## SOUTH AFRICA — National Treasury And Reserve Bank Publish Draft Cross-Border Crypto Exchange Control Regulations South Africa's **National Treasury** and the **South African Reserve Bank** published draft cross-border exchange control rules that would block local businesses from using regulated crypto rails to move value across borders. Individuals could still transfer value out to self-hosted wallets, but returning that value to a licensed local exchange would be **non-permissible** under the draft ([This Week in Fintech Africa — September 14, 2026](https://www.thisweekinfintech.com/p/all-falls-down-south-africa-twif-africa?ref=blackexecutivebrief.com)). Four of the country's largest platforms — **VALR, Luno, AltCoinTrader, and EasyEquities** — joined lawyers, economists, and academics to form the **CATASTROPHE** coalition (Crypto Asset Taskforce for Advancing Sound, Technology-Neutral Regulation for Opportunity, Prosperity and a Healthy Economy) to submit a coordinated response before the **September 30 public comment deadline**. The core operator concern: if the round-trip is broken — outflow permitted, inflow denied — regulated South African platforms lose the corporate-treasury use case entirely and cede that flow to offshore exchanges and OTC desks the SARB cannot monitor. That is the opposite of the stated policy intent. ### Why It Matters Sub-Saharan corporates that had been building crypto rails into their remittance, supplier-payment, and hedging stacks now face a South Africa carve-out with 14 days of public comment window. For Diaspora-focused fintechs routing dollar-to-rand and dollar-to-naira flows through South African liquidity, the regulatory optionality is narrowing. Operators should file comment before September 30 and pre-model the corporate-payment volume that would need to re-route through correspondent banking if the draft passes as written. --- [8(a) and HUBZone Firms Have a Structural Edge This Quarter — Here’s WhySet-aside solicitations surge as FY2026 closes Sept 30\. The Global Sourcing Desk tracks certified-firm opportunities across US federal and international procurement portals.![](https://storage.ghost.io/c/93/1b/931b4d57-9a15-4237-a6dd-adca85870389/content/images/icon/Black_Executive_256_1400_x_1400_px_2-18cae0c8-5fb6-436c-9944-93afdb4eae94.png)The Black Executive Journal ShopBEJ Editorial Staff![](https://storage.ghost.io/c/93/1b/931b4d57-9a15-4237-a6dd-adca85870389/content/images/thumbnail/post-3-image_4a700646-2170-4963-a898-af172a2c5716-e9da5b3c-8636-4769-92a3-83704c302e4d.png)](https://shop.blackexecutivebrief.com/blogs/the-bej-drop/why-8a-and-hubzone-firms-have-a-structural-edge-this-quarter-and-the-solicitations-to-prove-it?ref=blackexecutivebrief.com) --- ## EGYPT / PAN-AFRICA — Afreximbank Prepares PAPSS-Instapay Interconnection With Six Egyptian Banks Pending CBE Approval Afreximbank's **Pan-African Payment and Settlement System (PAPSS)** is preparing to connect to Egypt's **Instapay** — the state-backed real-time payment app operating on the **Instant Payment Network (IPN)** and licensed by the **Central Bank of Egypt** — with **six Egyptian banks currently awaiting final CBE approvals** to complete integration ([Ahram Online — September 9, 2026](https://english.ahram.org.eg/NewsContentP/3/576342/Business/Afreximbank-plans-PAPSSInstapay-link-to-expand-Egy.aspx?ref=blackexecutivebrief.com)). PAPSS chief executive **Mike Ogablu** framed the connection as a priority "within the upcoming period." PAPSS currently operates across **30 African countries**, integrates **more than 200 commercial banks, payment service providers, and fintechs**, and links roughly **16 domestic payment switches**. --- [The First Black-Owned Bank in America | Black Executive JournalThe story of America’s first Black-owned bank — and what it tells us about capital, community, and the foundations of Black economic power.![](https://storage.ghost.io/c/93/1b/931b4d57-9a15-4237-a6dd-adca85870389/content/images/icon/Black_Executive_256_1400_x_1400_px_2-eb93329b-f93d-4a24-9266-219eeef43671.png)The Black Executive Journal ShopBEJ Editorial Staff![](https://storage.ghost.io/c/93/1b/931b4d57-9a15-4237-a6dd-adca85870389/content/images/thumbnail/The_Standard-37ae987b-fefb-4962-93ce-f1a49d45d843.png)](https://shop.blackexecutivebrief.com/blogs/the-bej-drop/the-first-black-owned-bank-in-america-a-history-of-true-banking?ref=blackexecutivebrief.com) --- Transaction **volume surged approximately 1,000 percent in 2026 versus the prior year** and total transaction **value rose about 120 percent** — a signature of a network moving out of the pilot phase into corridor productisation. The CBE inked its accession agreement with PAPSS in **November 2024**. ### Why It Matters An Instapay-PAPSS connection productises the Egypt-to-Africa corridor for corporate treasurers, agricultural exporters, and diaspora remitters who today rely on dollar-clearing chains that route through New York or London. Egyptian pound to local African currency, settled continent-side, cuts one full leg of correspondent-banking friction and cost. For Black founders with pan-African supplier and payroll footprints, this is a lower-friction rails option to price into 2027 payment architecture. --- ## KENYA — High Court Ruling Prompts Safaricom And Vodacom Response On Roaming And Interconnection Kenya's **High Court nullified a decision** affecting mobile network operators Safaricom and Vodacom, prompting a coordinated statement from the two carriers as regulatory uncertainty around cross-border roaming and interconnection pricing enters a new phase ([TechTrendsKE — September 16, 2026](https://techtrendske.co.ke/?ref=blackexecutivebrief.com)). Separately, **Kenya floated a tender for a national fibre backbone**, and open-source vendor **WSO2 launched an open platform** targeting African integration workloads. The ruling and the fibre tender land together in a week when Kenya's regulatory posture toward telecoms — long the largest listed proxy for East African digital demand — is being actively re-set. Safaricom parent Vodacom Group carries the ripple in Nairobi and Johannesburg listings. ### Why It Matters For fintechs and adtech platforms with material Kenyan MAU, mobile-money interconnection economics and roaming pricing feed directly into unit economics. Any regulatory reset that changes A2P or interconnection fees changes fintech CAC and payment-processing margins. Kenyan national fibre-backbone procurement is the parallel infrastructure story — an operator opportunity for African-owned engineering firms and a demand signal for on-continent data-center capacity of exactly the type expanding through Cape Town, Lagos, and Nairobi. --- ## SOURCES - [Federal Reserve Implementation Note — September 16, 2026](https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a1.htm) - [StockTitan Fed Rate Hike Coverage — September 16, 2026](https://www.stocktitan.net/articles/fed-rate-hike-september-16-2026?ref=blackexecutivebrief.com) - [TradingKey via Mitrade US August Retail Sales — September 16, 2026](https://www.mitrade.com/insights/news/live-news/article-8-2091481-20260916?ref=blackexecutivebrief.com) - [BriskMarkets US Retail Sales Report — September 16, 2026](https://www.briskmarkets.com/blog/retail-sales-report-us-spending-surges-1-2-before-crucial-fed-decision/?ref=blackexecutivebrief.com) - [This Week in Fintech Africa — September 14, 2026](https://www.thisweekinfintech.com/p/all-falls-down-south-africa-twif-africa?ref=blackexecutivebrief.com) - [Ahram Online Afreximbank PAPSS-Instapay — September 9, 2026](https://english.ahram.org.eg/NewsContentP/3/576342/Business/Afreximbank-plans-PAPSSInstapay-link-to-expand-Egy.aspx?ref=blackexecutivebrief.com) - [TechTrendsKE — September 16, 2026](https://techtrendske.co.ke/?ref=blackexecutivebrief.com) - [Federal Reserve FOMC Calendars](https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm) - [Census Monthly Retail Trade Release Schedule](https://www.census.gov/retail/release%5Fschedule.html?ref=blackexecutivebrief.com) *Disclaimer: This report is for informational purposes only and does not constitute financial advice. Consult a licensed advisor before making investment decisions.*