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Story · United States · 19 Aug 2026

Fed minutes show a 9–3 vote to hold rates at 3.5%–3.75%

Minutes from the Federal Reserve's 28–29 July 2026 meeting show the FOMC maintained its target interest-rate range at 3.5%–3.75% and approved the statement by a 9–3 vote.

Monetary PolicyInflationLabour Markets
Relevance date 19 Aug 2026, 18:00Updated 30 Aug 2026, 06:31Exam relevance 91/100
The Federal Reserve Board's Eccles Building in Washington, D.C.

Verified sources

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Primary sourceFederal Reserve Board →Minutes of the Federal Open Market Committee, July 28–29, 2026
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3.5%–3.75%

Federal funds target range, 29 July 2026

9–3

FOMC vote on the policy statement, 29 July 2026

Exam link: Monetary policy → interest rates → consumption and investment → aggregate demand

Story toolsReport / correction
Understand the storyExpand

The July FOMC minutes show policymakers kept the target interest-rate range at 3.5%–3.75%. The statement was approved by a 9–3 vote as the Committee weighed solid activity against inflation that remained above its 2% goal and uncertainty linked partly to the Middle East conflict.

What happened

At the 28–29 July 2026 meeting, the FOMC maintained the target interest-rate range at 3.5%–3.75%. The policy statement passed by a 9–3 vote. Effective 30 July, the standing overnight repo rate was 3.75% and the overnight reverse repo offering rate was 3.5%.

Why it matters

The split vote shows disagreement about the appropriate degree of monetary restraint. Interest-rate expectations affect borrowing costs, asset prices, the dollar, consumption and investment before the next policy decision is made.

Economic context

Minutes explain the debate behind a decision rather than announce a new rate change. They are useful for evaluating policy trade-offs and uncertainty, but they should not be presented as a separate rate decision from the 29 July FOMC statement.

All key dataExpand
Federal funds target range, 29 July 2026
3.5%–3.75%
Standing overnight repo rate from 30 July 2026
3.75%
FOMC vote on the policy statement, 29 July 2026
9–3
Standing overnight reverse repo rate from 30 July 2026
3.5%
Terms explainedExpand

Fed target range

The range the Federal Reserve sets for its main short-term policy interest rate, which influences borrowing costs across the U.S. economy.

Use it in an examExpand

Evidence

Minutes from the Federal Reserve's 28–29 July 2026 meeting show the FOMC maintained its target interest-rate range at 3.5%–3.75% and approved the statement by a 9–3 vote.

Explain

The split vote shows disagreement about the appropriate degree of monetary restraint. Interest-rate expectations affect borrowing costs, asset prices, the dollar, consumption and investment before the next policy decision is made.

Evaluate

Minutes explain the debate behind a decision rather than announce a new rate change. They are useful for evaluating policy trade-offs and uncertainty, but they should not be presented as a separate rate decision from the 29 July FOMC statement.

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