FOMC meeting
July 28–29, 2026
hold Held at 3.50–3.75% by a 9–3 vote.
Statement · Press conference · Minutes (August 19, 2026) · federalreserve.gov
The vote
Dissented (3)
- Beth M. Hammack preferred tighter
Preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting. - Neel Kashkari preferred tighter
Preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting. - Lorie K. Logan preferred tighter
Preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting.
Voted for (9)
Kevin Warsh, Philip N. Jefferson, Michelle W. Bowman, Michael S. Barr, Lisa D. Cook, Jerome H. Powell, Christopher J. Waller, John C. Williams, Anna Paulson
What changed in the statement
3 word-level changes against the June 17, 2026 statement. Added text and removed text are marked in the redline below.
Target range 3.50–3.75% → 3.50–3.75%. Vote 12–0 → 9–3.
Statement redline
Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little.
Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability.
Statement as released
The Federal Open Market Committee approved the following statement for release by a 9 - 3 vote:
The Committee decided 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. The Committee is continuing its policy of maintaining ample reserves in the banking system.
Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little.
Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability.
Voting against the monetary policy action were Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting.