US Federal Reserve Chairman Kevin Warsh holds a news conference following a two-day meeting of the Federal Open Market Committee (FOMC), as the Federal Reserve holds interest rates steady, at the Federal Reserve, in Washington, DC, US July 29, 2026. [Photo/Agencies]
The Federal Reserve kept interest rates unchanged on Wednesday despite three policymakers dissenting in favor of higher rates, as inflation remains stubbornly high.
The Fed's rate-setting committee took two days to reach the agreement to leave the benchmark interest rate in the 3.50 percent to 3.75 percent range. The decision passed in a 9 to 3 vote.
But there was dissent from three of the 12 members of the policy-setting Federal Open Market Committee including Beth Hammack, president of the Federal Reserve Bank of Cleveland; Neel Kashkari, president of the Minneapolis Fed; and Lorie Logan, president of the Dallas Fed.
All had "preferred" a quarter-percentage-point hike at this meeting but ultimately things remained the same, according to the Fed's statement.
