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Three regional Fed presidents voted for a quarter-point increase, and many other officials said tightening would be needed if inflation didn't fall
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The Federal Reserve's July meeting produced the central bank's most fractured policy vote in years, with minutes released Wednesday detailing how broadly the case for an immediate rate increase circulated before the FOMC ultimately voted 9-3 to hold.
The committee kept the federal funds rate in a range of 3.5% to 3.75% at its July 28-29 meeting. Three regional bank presidents — Beth M. Hammack of the Cleveland Fed, Neel Kashkari of the Minneapolis Fed, and Lorie K. Logan of the Dallas Fed — dissented, each preferring a quarter-point increase. No members of the Board of Governors joined the dissent.
