Fed Holds Rates Steady, but Rare Three-Member Dissent Pressures Next Move

On July 29, 2026, the Federal Reserve kept its benchmark rate at 3.5%–3.75% — the fifth straight hold. Hammack, Kashkari, and Logan dissented, each favoring a quarter-point hike. The FOMC cited elevated inflation from energy supply shocks linked to Middle East conflict. At June's meeting, half of 18 participants already projected a 2026 hike.