April 28–29 · Published May 20, 2026
Jerome H. Powell
April 28–29, 2026 FOMC Minutes
Our reading
The minutes read somewhat more hawkish relative to the statement because they reveal that a majority of participants explicitly favored removing the statement's easing bias and indicated that policy firming would likely be appropriate if inflation persists, whereas the statement itself maintains a neutral, balanced tone by simply committing to "carefully assess" data and remaining attentive to risks on both sides of the dual mandate.
Our reading compares the minutes of the April 28–29 FOMC meeting with the FOMC statement issued at the end of that meeting, three weeks before the minutes were published.
Vote
- Michael S. Barr
- Michelle W. Bowman
- Lisa D. Cook
- Beth M. Hammack • dissented
- Supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time
- Philip N. Jefferson
- Neel Kashkari • dissented
- Supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time
- Lorie K. Logan • dissented
- Supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time
- Stephen I. Miran ↓ dissented
- Preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting
- Anna Paulson
- Jerome H. Powell
- Christopher J. Waller
- John C. Williams
From the minutes
FOMC minutes
Voting for this action: Jerome H. Powell, John C. Williams, Michael S. Barr, Michelle W. Bowman, Lisa D. Cook, Philip N. Jefferson, Anna Paulson, and Christopher J. Waller.
Voting against this action: Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting and Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time.
Consistent with the Committee's decision to leave the target range for the federal funds rate unchanged, the Board of Governors of the Federal Reserve System voted unanimously to maintain the interest rate paid on reserve balances at 3.65 percent, effective April 30, 2026. The Board of Governors of the Federal Reserve System voted unanimously to approve the establishment of the primary credit rate at the existing level of 3.75 percent.
It was agreed that the next meeting of the Committee would be held on Tuesday–Wednesday, June 16–17, 2026. The meeting adjourned at 10:40 a.m. on April 29, 2026.
What changed from the previous meeting’s minutes
- Participants now observed core inflation had moved further above 2 percent, whereas previously progress was absent.
- Several participants cited supply disruptions raising fertilizer and non-energy commodity prices, a new factor.
- A few participants noted IT sector price increases, especially software, contributed to higher core inflation.
- Most participants judged labor market stabilization, replacing prior signs of potential softening.
- A majority highlighted policy firming would likely be appropriate if inflation persisted above 2 percent.
- One participant's dissent shifted from Miran to an unnamed dissenter preferring a 25 basis point cut.
Summary generated automatically from the two documents.