Perspectives
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The Fed Report: July 2026
Read More- Fed funds target range unchanged. As generally expected, the FOMC maintained the target range for the federal funds rate at 3.50-3.75% for the fifth consecutive meeting. Unlike the unanimous decision at the Fed’s June meeting to hold interest rates steady, three FOMC members voted to raise the target range for the federal funds rate by 25 basis points at the July meeting: Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan. Each of these dissenting FOMC members had previously dissented from the Fed’s April statement earlier this year and expressed their preference to remove language implying an easing bias.
- Shorter, simpler statement structure maintained. The Fed’s July statement maintained the shorter structure introduced in June that “conveys just the facts.” The language was nearly identical to the June statement and ended with the same commitment to price stability, which was also a key focus of Chairman Warsh’s prepared remarks: “The Committee remains resolute…we will deliver price stability.”
