Fed holds rates at 3.50%–3.75%; 3 dissents
The Federal Open Market Committee kept the target range for the federal funds rate at 3.50%–3.75% at its July 2026 meeting. Beth M. Hammack (preferred: hike 25bp), Neel Kashkari (preferred: hike 25bp), Lorie K. Logan (preferred: hike 25bp) dissented.
- Target range 3.50%–3.75% (unchanged)
- Dissents: Beth M. Hammack — hike 25bp; Neel Kashkari — hike 25bp; Lorie K. Logan — hike 25bp
- No Summary of Economic Projections at this meeting
- Statement released 2:00 pm ET
SPX around the story · hourly24 h reaction ▼ 0.13%
Moves this explains
SPX−1.49%Jul 28 · Fell about 1.5% on the day of the Fed decision. The Fed held its target range at 3.50% to 3.75%, and three members dissented in favor of a rate hike, which kept hike risk in focus for stocks.SPY−1.44%Jul 28 · Fell about 1.4% on the day of the Fed decision. The Fed held its target range at 3.50% to 3.75%, and three members dissented in favor of a rate hike, which kept hike risk in focus for stocks.Source
Federal ReserveJul 29, 2026, 2:00 PM ET