PNC · 10-Q · 2026Q3 · Full report

Interest Rate Outlook

PNC FINANCIAL SERVICES GROUP, INC. · 2026-11-03 · Importance 26 · Surprise 24

PNC’s baseline forecast is for the Federal Reserve to raise rates twice more, at the December 2026 and March 2027 Federal Open Market Committee meetings. The forecast anticipates the federal funds rate reaching a range of 4.25% to 4.50% after those increases.

Key facts

• PNC's baseline forecast is for the Federal Reserve to raise rates twice more, at the December 2026 and March 2027 FOMC meetings, bringing the federal funds rate to 4.25%–4.50%. source
• PNC’s funding costs decreased compared with the fourth quarter of 2025 because growth in funding sources more than offset the impact of lower rates. source