Fed holds federal funds range at 3.50%-3.75% in 9-3 vote, three dissents favor a hike
The Federal Open Market Committee kept its federal funds target range at 3-1/2 to 3-3/4 percent on July 29, 2026. Three voting members, Beth M. Hammack, Neel Kashkari and Lorie K. Logan, dissented in favor of a quarter-point increase. The hawkish minority matters for a bank whose earnings depend heavily on net interest income, because the path of rates drives its margin.
- Target range unchanged at 3.50%-3.75%
- Vote 9-3; the three dissenters wanted a 25 basis point increase
- Decision released by the Federal Reserve on July 29, 2026
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Moves this explains
SPX−1.49%Jul 28 · Fell about 1.5% on the day of the Fed decision. The Fed held its target range at 3.50% to 3.75%, and three members dissented in favor of a rate hike, which kept hike risk in focus for stocks.SPY−1.44%Jul 28 · Fell about 1.4% on the day of the Fed decision. The Fed held its target range at 3.50% to 3.75%, and three members dissented in favor of a rate hike, which kept hike risk in focus for stocks.Source
Federal ReserveJul 29, 2026