FOMC July 2026: What the Decision Means
The Federal Open Market Committee voted 9-3 to hold the federal funds rate at 3-1/2 to 3-3/4 percent on Wednesday, matching the consensus expectation for a fifth consecutive hold. The headline number tells one story. The vote does not. Key Takeaways The FOMC voted 9-3 to hold at 3.50%-3.75%, with dissenters Hammack, Kashkari, and Logan voting for an immediate 25bps hike. Chair Warsh stated: "There is no soft inflation target, there is no soft implicit target. There is only a target, and it is 2 percent." Warsh highlighted that inter-meeting yield curve increases ranked "around the top decile" of the last two decades, while the Committee held its policy rate unchanged. SPY fell 1.24% and QQQ…
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