Fed Hold, Three Hawks Dissent: The Macro Regime Heading Into August
The Federal Reserve held the federal funds rate at 3.50-3.75% on July 29, 2026, but three members of the Federal Open Market Committee voted for an immediate 25-basis-point hike. That 9-3 dissent split is the most hawkish since September 2016. The committee did not cut. It did not signal a cut. What it produced was a statement that described inflation as "elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks," language that is difficult to square with the easing expectations many equity investors still appear to carry. Key Takeaways The FOMC held rates at 3.50-3.75% on July 29, 2026, with Hammack, Kashkari, and Logan dissenting in favor of an immediate 25bp hi…
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