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Nine voting members of the Fed’s monetary policy unit, the Federal Open Market Committee, voted to keep rates unchanged.

The so-called “dot plot” in the summary of economic projections includes the views of the 12 voting members of the FOMC—the Fed chairman, the president of the New York Fed, six Fed governors, and a rotating group of four regional Fed presidents—and the remaining seven regional Fed bank presidents.

What we know

Breitbart - US News A Divided Fed Holds Interest Rates Steady https://www.breitbart.com/economy/2026/07/29/fed-rates-decision/ 2026-07-29T19:00:29.402Z The Federal Reserve on Wednesday held its benchmark interest rate steady, in a range of 3.5 percent to 3.75 percent. John Williams, the New York Fed president, and Anna Paulson of the Philadelphia Fed, voted with the majority, as did all seven Fed governors.

The three officials who voted against today’s decision—Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan—dissented from the Fed’s statement in April. At a press conference following the release of the Fed’s statement, Warsh said the soft inflation report for June played very little role in today’s decision.

"We're reading this as a Committee with vocal hawks," said Ian Lyngen, head of U.S. rates at BMO Capital Markets.

The details

Despite increasing support among some officials for a rate increase, the Federal Open Market Committee voted 9-3 to leave the federal funds rate in a range between 3.5% and 3.75%. All of the "no" votes came from regional presidents – Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas – who had been the most explicit about the need for higher rates to address inflation that has been above the Fed's 2% target for more than five years. The post-meeting statement noted that the three dissenters "preferred to raise the target range for the federal funds rate by ¼ percentage point at this meeting." This is the first time since September 2016 that three policymakers dissented with a unified view of which direction rates should head. The post-meeting statement was almost identical to the one following the June 17 decision and was in keeping with the Fed's actions all year, following three rate cuts in the latter part of 2025.

Reactions

Warsh has said the Fed will achieve its goal of returning to two percent inflation, the rate of annual price increases that the Fed interprets as consistent with its price stability mandate. Warsh has said Fed officials should talk less and stop providing forward guidance about policy, leaving many Fed watchers to wonder if Warsh might discontinue the press conferences. For his part, Warsh has called inflation "a choice," and he repeatedly stressed the importance of getting prices in check during recent hearings on Capitol Hill.

What to watch

After the Fed’s meeting last month, a summary of the views of Fed officials showed eight thought the Fed would increase rates later this year. Near the close of the press conference, Warsh said he would continue to hold the gatherings through the end of the year.