The Federal Reserve Holds Interest Rates Steady, 3 Officials Advocate for a 25 Basis Point Hike
2026-07-29 18:23
According to Odaily, the Federal Open Market Committee (FOMC) decided on July 29 by a vote of 9 in favor and 3 against to maintain the target range for the federal funds rate between 3.50% and 3.75%. It noted that economic growth remains solid, while inflation is still 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 Board of Governors of the Federal Reserve System voted unanimously to maintain the interest rate on reserve balances at 3.65% and the primary credit rate at 3.75%, effective July 30. The FOMC directed the Open Market Desk at the New York Fed to continue conducting standing overnight repurchase agreement operations at 3.75% and overnight reverse repurchase agreement operations at 3.5%, with a per-counterparty daily limit of $160 billion.
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 Board of Governors of the Federal Reserve System voted unanimously to maintain the interest rate on reserve balances at 3.65% and the primary credit rate at 3.75%, effective July 30. The FOMC directed the Open Market Desk at the New York Fed to continue conducting standing overnight repurchase agreement operations at 3.75% and overnight reverse repurchase agreement operations at 3.5%, with a per-counterparty daily limit of $160 billion.
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