Fed minutes show 3 dissents for hike as inflation worries deepen
What's next: Rate futures still price better-than-even odds of a hike in late October, with December seen as highly likely if inflation stays firm.
Federal Reserve officials grew more concerned about inflation at their July 28-29 meeting, with minutes showing three policymakers dissented in favor of a quarter-point rate increase. The Fed instead kept its benchmark rate at 3.5% to 3.75%, but the record showed several officials were prepared to tighten policy and many said higher borrowing costs would likely be needed if inflation does not move down to the central bank’s 2% target. The minutes also showed Chair Kevin Warsh seeking input on broader operational changes, including whether the Fed should meet six times a year instead of eight. No decision was made, and the 2026 meeting schedule will stay unchanged.