United States · Business news · Economy · 29 Jul 2026
The FOMC kept the federal funds target range at 3.50%-3.75%, approving its statement by a 9-3 vote. Beth Hammack, Neel Kashkari and Lorie Logan dissented in favour of a quarter-point increase. The statement said inflation remained elevated partly because of supply shocks in sectors including energy, that productivity growth and capital investment were strong, and that uncertainty owed in part to the conflict in the Middle East.
Three dissents in favour of a hike signalled that the debate inside the Fed had moved from cuts to increases. That pushes up short-term funding costs and Treasury yields, which matters for banks' deposit costs, homebuilders and mortgage lenders, REITs and utilities whose valuations track bond yields, and leveraged companies with floating-rate debt.
Reported by Federal Reserve — “Federal Reserve issues FOMC statement” ↗ on 29 Jul 2026.
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