Federal Reserve Holds Interest Rate Steady, Three Officials Favored a 25 Basis Point Hike
2026-07-29 18:23
Odaily News The Federal Open Market Committee (FOMC) voted 9-3 on July 29 to keep the target range for the federal funds rate at 3.50% to 3.75%, noting that economic growth remains solid and inflation remains above the 2% target.
Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan dissented, each favoring a 25-basis-point rate hike at this meeting.
The Federal Reserve Board of Governors unanimously decided to maintain the interest rate on reserve balances at 3.65% effective July 30, and the primary credit rate at 3.75%. The FOMC instructed the Open Market Desk at the New York Fed to continue conducting standing overnight repurchase agreement (repo) operations at 3.75% and overnight reverse repo operations at 3.5%, with a per-counterparty limit of $160 billion per day.
Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan dissented, each favoring a 25-basis-point rate hike at this meeting.
The Federal Reserve Board of Governors unanimously decided to maintain the interest rate on reserve balances at 3.65% effective July 30, and the primary credit rate at 3.75%. The FOMC instructed the Open Market Desk at the New York Fed to continue conducting standing overnight repurchase agreement (repo) operations at 3.75% and overnight reverse repo operations at 3.5%, with a per-counterparty limit of $160 billion per day.
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