As of August 11, 2026, the Federal Reserve's latest FOMC rate decision remained the July 29 statement: the federal funds target range was held at 3.50%–3.75%, with nine votes in favor and three against.
Meeting dates: July 28–29, 2026
Rate decision and voting results
The dissenters were Beth M. Hammack, Neel Kashkari and Lorie K. Logan. All three favored increasing the target range by 0.25 percentage points at this meeting. The split indicates differing views on the immediate policy action, not a predetermined rate increase at the next meeting.
Economic information in the statement
The statement described US economic activity as expanding at a solid pace, job growth as broadly aligned with labor-force growth, and unemployment as little changed. Inflation remained elevated relative to the Committee's 2% objective, with prices in some sectors affected by supply shocks, including energy.
Three dissents mark greater disagreement than a unanimous decision, but reflect only differing views on the action appropriate in July. The statement made no advance commitment for September. The next decision will still weigh inflation, employment, economic activity, financial conditions and changing risks.
Interest rates and cross-border trade costs
The US policy rate, bank financing quotations, forward points and funding costs are different indicators, and a rate decision does not map one-for-one to the dollar exchange rate. Economic data, other central banks' policies, risk appetite and market trading also affect exchange rates.
Dollar-denominated raw-material transactions also involve financing and hedging costs; the policy rate does not directly determine the commodity unit price. Quotations for letters of credit, documentary finance, trade finance and forwards vary with tenor, bank funding costs, customer credit and market conditions.
One FOMC decision cannot replace an actual payment schedule. Dollar cash flows are commonly grouped into 30-, 60- and 90-day periods and separated into locked, naturally hedged and uncovered exposures; actual costs remain based on bank quotations and transaction records.
Subsequent official milestones
Range held at 3.50%–3.75%, in a 9–3 vote.
The minutes record the context of members’ discussions and policy assessments.
Any new policy decision will be established by the post-meeting statement.
