Federal Reserve issues FOMC statement

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Source material from Federal Reserve · Monetary Policy. The wording below is the issuer’s statement.

Press Release

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July 29, 2026

Federal Reserve issues FOMC statement

For release at 2:00 p.m. EDT

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The Federal Open Market Committee approved the following statement for release by a 9 – 3 vote:

The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate. The Committee is continuing its policy of maintaining ample reserves in the banking system.

Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little.

Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability.

Voting against the monetary policy action were Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting.

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Implementation Note issued July 29, 2026

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July 29, 2026

Release text attributed to Federal Reserve · Monetary Policy. Consult the official publication for any subsequent corrections or updates.