Fed Holds at 3.50%-3.75%: FRED Data Signals Soft Landing, But NFP Is the Test
Three Federal Reserve officials voted to raise interest rates on July 29. They lost, 9 to 3. That is the widest FOMC split for a tighter-policy outcome since September 2016, and it lands in a week when the latest FRED data is running almost entirely in the doves' favor. The question now is whether Friday's July payroll report changes that calculus before September. Key Takeaways The Fed held rates at 3.50%-3.75% on July 29, with a 9-3 dissent: the most divided FOMC vote for tighter policy since September 2016. The 10-year Treasury yield (DGS10) fell 7 basis points to 4.63% on August 4 as front-end hike expectations eased on Strait of Hormuz diplomacy progress. The CPI index dropped to 332.57…
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