Federal Reserve Holds Rates Steady in 9-3 Vote as Three Officials Favor a Hike
The Federal Open Market Committee voted 9-3 on July 29, 2026, to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate, and to continue its policy of maintaining ample reserves in the banking system.
The committee said economic activity is expanding at a solid pace despite elevated uncertainty owing in part to the conflict in the Middle East, that productivity growth and capital investment are strong, and that job gains have kept pace with the workforce while the unemployment rate has changed little. Inflation remains elevated relative to the committee's 2 percent goal, the statement said, in part reflecting supply shocks that have driven price increases in certain sectors, including energy, and the committee said it will deliver price stability.
Voting against the action were Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who preferred to raise the target range by a quarter percentage point at the meeting, an unusually large dissent in favor of tighter policy during the current hold.
Source: Federal Reserve
Published by GSM · USA (original Chinese edition)
Photo: 图：位于美国华盛顿特区的美联储总部 Marriner S. Eccles 大楼（资料照片）。美联储摄，公共领域，经 Wikimedia Commons。 / Photo: The Marriner S. Eccles Federal Reserve Board Building in Washington, D.C. (file photo). Federal Reserve, public domain, via Wikimedia Commons.
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