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Story summary
- July 31, presidents Beth Hammack, Neel Kashkari and Lorie Logan dissented, preferring a 25-bp hike while the Federal Open Market Committee (FOMC) kept rates at 3.50%-3.75%.
- They said inflation stays above 2% goal, with PCE index up 3.7% YoY.
- Each argued that policy is not restrictive enough and hikes are needed to keep inflation above target.
- Treasury yields rose, with the 30-year rate above 5.2% and the 10-year rate topping 4.73%.
