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Fed Holds Rates, 9-3 Split Vote, No Guidance

7/29/2026

31 3 Full Breakdown

Summary

Story summary

The Fed kept its rate unchanged on July 29, 2026, voting 9-3 to hold 3.5%-3.75% range.
Fed presidents Beth Hammack, Neel Kashkari and Lorie Logan voted for a rate hike, showing split.
Fed Chair Kevin Warsh said the Fed will not give forward guidance, noting CPI reported headline inflation at 3.5% YoY, core at 2.6%, and inflation stays above the 2% target due to supply shocks and Iran-related price rises.

History

Historical Context

After double-digit inflation surged to 13.5 % in 1980, Fed Chairman Paul Volcker raised the federal-funds rate to a 20 % peak in June 1981, pulling CPI down to 3.2 % by 1983. The 2026 FOMC, chaired by Kevin Warsh, again left rates unchanged at 3.5-3.75 % amid a split board, echoing the earlier reliance on aggressive tightening to restore price stability.

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Story summary

The Fed kept its rate unchanged on July 29, 2026, voting 9-3 to hold 3.5%-3.75% range.
Fed presidents Beth Hammack, Neel Kashkari and Lorie Logan voted for a rate hike, showing split.
Fed Chair Kevin Warsh said the Fed will not give forward guidance, noting CPI reported headline inflation at 3.5% YoY, core at 2.6%, and inflation stays above the 2% target due to supply shocks and Iran-related price rises.

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