Back to today’s briefing

Story perspectives

Fed Keeps 3.6% Rate; IMF Downgrades Growth, Oil Demand Falls

7/11/2026

41 5 Full Breakdown

Summary

Story summary

Fed Chair Kevin Warsh led the June 16-17, 2026 FOMC meeting and kept the federal funds target range at 3.6%.
The IMF lowered its 2026 growth forecast to 3%, projecting U.S. growth at 2.3% and euro-area at 0.9%.
Unemployment claims fell to 215,000 for the week ending July 4, 2026, with June adding 57,000 jobs.
The International Energy Agency expects oil demand to drop by 1 million barrels per day in 2026.

History

Historical Context

In October 1973 OAPEC’s oil embargo on the United States and other Israel allies pushed crude from about $3 to $12 per barrel—a four-fold rise that triggered stagflation and prompted the Nixon administration to confront the shock. Echoing that lesson, the June 2026 Federal Reserve, chaired by Kevin Warsh, held rates at 3.6% as the IMF and IEA warn of slowing growth.

1 of 2

Story summary

Fed Chair Kevin Warsh led the June 16-17, 2026 FOMC meeting and kept the federal funds target range at 3.6%.
The IMF lowered its 2026 growth forecast to 3%, projecting U.S. growth at 2.3% and euro-area at 0.9%.
Unemployment claims fell to 215,000 for the week ending July 4, 2026, with June adding 57,000 jobs.
The International Energy Agency expects oil demand to drop by 1 million barrels per day in 2026.

1 / 2