FOMC Hawkish Hold: What the 9-3 Fed Vote Means for Rates Through Year-End

The Federal Reserve held the federal funds rate at 3.50-3.75% on July 29, but the vote that produced that outcome tells a different story than the outcome itself. Three members of the Federal Open Market Committee voted for an immediate 25-basis-point hike: Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan. Nine held. The last time the Fed saw dissent this concentrated was the Volcker era. If the majority's data fig leaf slips even slightly by September, it could be four. Key Takeaways The FOMC held rates at 3.50-3.75% on July 29 in a 9-3 vote, with Hammack, Kashkari, and Logan dissenting in favor of a 25-basis-point hike. Jun…