July FOMC: Fed Held at 3.50%-3.75% on a 9-3 Hawkish Split
The Federal Reserve held its target range at 3.50% to 3.75% on July 29, and the vote tally tells the real story: 9 to 3, with all three dissents pushing for a hike rather than a cut. Beth Hammack, Neel Kashkari, and Lorie Logan wanted 25 basis points more, not less, the reverse of the dovish dissent pattern markets have grown used to this cycle.
Key Takeaways The FOMC held the fed funds target range at 3.50% to 3.75% on a 9-3 vote, the widest split in recent memory, with all three dissents favoring a hike. Core PCE ran at 3.29% year over year and headline CPI at 3.46% in June, both 130 to 150 basis points above the Fed's 2% target even as the Committee stays on hold. Gold near $4,400 per ounc…
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