July 28–29 · Published August 19, 2026
Kevin Warsh
July 28–29, 2026 FOMC Minutes
Our reading
The minutes read more hawkish because they reveal that three members voted for a 25 basis point rate hike and that several participants favored tightening, while the statement's unanimous-sounding language (despite the 9-3 vote) downplays this internal dissent and emphasizes a neutral, data-dependent stance.
Our reading compares the minutes of the July 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
- Preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting
- Philip N. Jefferson
- Neel Kashkari ↑ dissented
- Preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting
- Lorie K. Logan ↑ dissented
- Preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting
- Anna Paulson
- Jerome H. Powell
- Christopher J. Waller
- Kevin Warsh
- John C. Williams
From the minutes
FOMC minutes
Voting for this action: Kevin Warsh, John C. Williams, Michael S. Barr, Michelle W. Bowman, Lisa D. Cook, Philip N. Jefferson, Anna Paulson, Jerome H. Powell, and Christopher J. Waller.
Voting against this action: Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting.
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 July 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, September 15–16, 2026. The meeting adjourned at 10:50 a.m. on July 29, 2026.
What changed from the previous meeting’s minutes
- Three members voted against maintaining the rate, preferring a 25 basis point increase, versus unanimous support in June.
- Participants noted total PCE inflation moved down in June, largely due to a sharp drop in energy prices.
- Several participants favored an immediate 25 basis point rate increase, citing broad-based price pressures.
- The postmeeting statement retained the "will deliver price stability" language, with almost all members agreeing.
- Participants discussed financial stability risks from AI infrastructure financing, including high equity valuations and borrowing.
- The Chairman proposed six scheduled meetings per year, roughly every two months, with no decisions made.
Summary generated automatically from the two documents.