FOMC - July 2026
July 29, 2026
The FOMC keeps rates unchanged at 3.50%-3.75%. The vote was nine to three with three dissents. Three regional Fed presidents, Cleveland's Beth Hammack, Neel Kashkari of Minneapolis and Dallas chief Lorie Logan, vote against the decision, preferring instead to raise rates by a quarter percentage point. The vote marks the fifth straight time officials have opted to leave rates unchanged.Rates and Market:
- Fed Funds Target: 3.50%-3.75%
- Market Reaction: The yield curve steepened. 2-year Treasury yields retreated while 10-year Treasury yields advanced 3bp to 4.63%. 30-year yields moved higher by 5bp to 5.14%.
The FOMC announced the following actions and analysis:
- The Fed post-meeting statement is virtually the same as their previous statement reiterating that “the committee will deliver price stability” and saying inflation remains elevated “in part reflecting supply shocks that have driven price increases in certain sectors, including energy.”
- The Fed restates that “economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East.”
- The Fed says that job gains “have kept pace with the workforce, and the unemployment rate has little changed.”
Previous Report
FOMC - June 2026 (06/17/26)
The June meeting included updated economic projections and marked Kevin Warsh’s first meeting as Fed Chair. The Committee signaled continued concern...