Fed Holds at 3.5%–3.75%; Warsh Says Rising Treasury Yields Are Doing the Tightening

On July 29, 2026, the FOMC voted 9–3 to hold its benchmark rate at 3.5%–3.75%. Chairman Kevin Warsh said rates had "already risen" because Treasury yields had risen — effectively treating market-driven yield increases as a substitute for Fed hikes. Three regional Fed presidents dissented in favor of a quarter-point hike. For borrowers, long-term rates, not the policy rate, are bearing the inflation-fighting load.