Governor Hammack Dissents as Fed Holds Rates at 3.50–3.75%

The FOMC voted July 29 to hold the federal funds rate at 3.50–3.75%, extending a seven-month pause. Governor Beth M. Hammack dissented — the first recorded dissent at an FOMC meeting in 2026. The statement did not specify her objection's direction. One dissent does not guarantee a policy shift, but it means September's meeting and projections will carry more weight than usual for borrowers and savers watching rate cuts.