Banks › Federal Reserve › History › 29 Jul 2026
Federal Reserve: decision of 29 July 2026
The Federal Open Market Committee kept the target range for the federal funds rate at 3-1/2 to 3-3/4 percent.
Decision
hold
- Rate
- 3.75%=3.75%
- Change
- 0 bp
- Vote
- 9–3
- Announced
- 14:00 New York time
Sources
- Statement
- federalreserve.gov/newsevents/pressreleases/mone…
- Minutes
- federalreserve.gov/monetarypolicy/fomcminutes202…
- Press conference
- federalreserve.gov/monetarypolicy/fomcpresconf20…
- Recorded
- 29 Jul 2026
- Data
- JSON
What the bank said
The Committee said economic activity was expanding at a solid pace despite elevated uncertainty owing in part to the conflict in the Middle East.
It said job gains had kept pace with the workforce and the unemployment rate had changed little.
It said inflation remained elevated relative to its 2 percent goal, in part reflecting supply shocks that had driven up prices in sectors including energy.
“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.”
Dissent
Beth M. Hammack, Neel Kashkari and Lorie K. Logan voted against, preferring to raise the target range by 1/4 percentage point.
Before and after
- Previous decision: 17 Jun 2026, held the federal funds rate at 3.75%.
- Next decision: 16 Sept 2026, raised the federal funds rate by 25 bp to 4.00%.
- All Federal Reserve decisions and the rate history