Economy
Policy
Fed holds the funds rate at 3-1/2 to 3-3/4% on a 9–3 vote; July minutes published 08-19-2026.
The 07-29-2026 decision left the target range unchanged. The 08-19-2026 minutes are the record of that meeting, not a new vote.
Elena Brooks · TickerGrove Macro Desk · Data as of
Sources
FOMC statement, 07-29-2026, 2:00 p.m. EDT. FOMC minutes of the 07-28-2026 – 07-29-2026 meeting, last update 08-19-2026. Jackson Hole dates and topic only: Federal Reserve Bank of Kansas City. Each URL is in the citation block.
The Federal Open Market Committee left the federal funds target range at 3-1/2 to 3-3/4% on 07-29-2026. Nine members voted to hold. Three dissented, preferring a 1/4 percentage point increase. Minutes of that meeting were posted 08-19-2026. They are the record of the July discussion, not a new decision.
The target range did not move. The statement named three dissents — Beth M. Hammack, Neel Kashkari, and Lorie K. Logan — each preferring the range 1/4 percentage point higher. The Board voted interest on reserve balances to 3.65% and the primary credit rate to 3.75%, both effective 07-30-2026. Minutes published 08-19-2026 record the discussion; they do not re-vote the range. The next scheduled meeting is 09-15-2026 – 09-16-2026. The Kansas City Fed lists the Jackson Hole symposium for 08-27-2026 – 08-29-2026, topic “Financial Innovation: Implications for Payments and Policy.” This piece does not treat that calendar as a policy signal.
What a federal funds target range is
The federal funds rate is the overnight rate banks charge each other. The FOMC sets a range, not a single number. A 9–3 vote means nine members wanted to leave that range where it was; three wanted it 1/4 point higher. Minutes are the later write-up of what was said in the room. They are not a new rate decision.
Hold, dissents, and the next date
Hold plus three hike-preferred dissents. The statement repeats that the Committee will deliver price stability. Minutes posted 08-19-2026 are the discussion record. Next scheduled decision is 09-15-2026 – 09-16-2026. Jackson Hole is on the Kansas City Fed calendar; this piece does not treat it as a policy signal.
What we do not know
We did not open a BLS consumer-price primary, so this page does not print a CPI figure. Staff citations of PCE and unemployment in the minutes are not the number of record for those series; they stay off this page. We do not print market-implied odds, a Treasury move, or an equity level. We do not claim the Committee will hike, cut, or hold in September. We do not claim a dated Jackson Hole keynote or what any speech will say.
Related Learn
Document trail
Sources & evidence
Sources used for this piece.
Federal Open Market Committee
Board of Governors of the Federal Reserve System
Federal Reserve Bank of Kansas City
Federal Reserve Bank of Kansas City — 2026 Jackson Hole Economic Symposium
Visual brief
Verified figures
Sources & evidence% federal funds target range
Target range 3-1/2 to 3-3/4
FOMC
Decision 07-29-2026; effective 07-30-2026 for Desk ops
Federal Open Market CommitteeFOMC statement, 07-29-2026.count of members
Vote 9–3
FOMC
Same meeting
Federal Open Market CommitteeFOMC statement, 07-29-2026.percentage point on the target range
Dissent: preferred +1/4 percentage point
Beth M. Hammack, Neel Kashkari, Lorie K. Logan
Same meeting
Federal Open Market CommitteeFOMC statement, 07-29-2026.
Corrections
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