Fed Keeps Rates Unchanged, but Unusual Dissent Signals Pressure Ahead

On July 29, 2026, the Federal Reserve held its benchmark rate at 3.5%–3.75% for the fifth straight meeting. Three officials — Hammack, Kashkari, and Logan — dissented, each wanting a quarter-point hike. The committee blamed energy-driven inflation tied to Middle East conflict. At June's meeting, half of 18 participants had already projected a 2026 increase.