Fed Holds Rates; Hammack Dissents

The FOMC kept the federal funds rate at 3.50–3.75% on July 29, extending a seven-month pause. Governor Hammack dissented — the first at an FOMC meeting in 2026. The statement didn't say whether she wanted higher or lower rates. One dissent doesn't guarantee a shift, but September's projections will matter more for borrowers and savers watching rate cuts.