diff --git a/Lib/fontTools/__init__.py b/Lib/fontTools/__init__.py
index 4d88c940b..e6a745bd5 100644
--- a/Lib/fontTools/__init__.py
+++ b/Lib/fontTools/__init__.py
@@ -3,6 +3,6 @@ from fontTools.misc.loggingTools import configLogger
 
 log = logging.getLogger(__name__)
 
-version = __version__ = "4.48.2.dev0"
+version = __version__ = "4.49.0"
 
 __all__ = ["version", "log", "configLogger"]
diff --git a/NEWS.rst b/NEWS.rst
index 786a4d63c..0a298ac26 100644
--- a/NEWS.rst
+++ b/NEWS.rst
@@ -1,3 +1,6 @@
+4.49.0 (released 2024-02-15)
+----------------------------
+
 - [otlLib] Add API for building ``MATH`` table (#3446)
 
 4.48.1 (released 2024-02-06)
diff --git a/setup.cfg b/setup.cfg
index ea99e0e32..aa7f46c47 100644
--- a/setup.cfg
+++ b/setup.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 4.48.2.dev0
+current_version = 4.49.0
 commit = True
 tag = False
 tag_name = {new_version}
diff --git a/setup.py b/setup.py
index 7702871f9..2d2410562 100755
--- a/setup.py
+++ b/setup.py
@@ -468,7 +468,7 @@ if ext_modules:
 
 setup_params = dict(
     name="fonttools",
-    version="4.48.2.dev0",
+    version="4.49.0",
     description="Tools to manipulate font files",
     author="Just van Rossum",
     author_email="just@letterror.com",