USA FOMC Leaves Fed Funds Rate Unchanged

Economics Research 29 July 2026 | 2:33PM EDT

USA: FOMC Leaves Fed Funds Rate Unchanged; Three Participants Dissent Preferring a 25bp Hike

BOTTOM LINE: The FOMC left the target range for the fed funds rate unchanged at Jan Hatzius | 3.5-3.75% at its July meeting. Presidents Hammack, Kashkari, and Logan dissented Goldman Sachs & Co. LLC

from the Committee’s decision, preferring a 25bp increase in the target range for the David Mericle | fed funds rate. The FOMC left the post-meeting statement unchanged relative to the Goldman Sachs & Co. LLC June meeting. Alec Phillips | MAIN POINTS: Goldman Sachs & Co. LLC

Ronnie Walker 1. The FOMC left the target range for the fed funds rate unchanged at 3.5-3.75% at | its July meeting. Cleveland Fed President Beth Hammack, Minneapolis Fed President Goldman Sachs & Co. LLC Neel Kashkari, and Dallas Fed President Lorie Logan—who had also dissented from Elsie Peng | the easing bias in the post-meeting statement at the April meeting—dissented from Goldman Sachs & Co. LLC the Committee’s decision, preferring a 25bp increase in the target range for the fed Pierfrancesco Mei funds rate. | Goldman Sachs & Co. LLC 2. The FOMC left the post-meeting statement unchanged relative to the June Jessica Rindels meeting, noting that economic activity was “expanding at a solid pace,” that job | gains had “kept pace with the workforce,” and that inflation “remains elevated,” Goldman Sachs & Co. LLC

partly reflecting “supply shocks that have driven price increases in certain sectors, including energy.” The statement reiterated that the FOMC “will deliver price stability” and reaffirmed its ample-reserves policy with respect to the Fed’s balance sheet.

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Reg AC We, Jan Hatzius, David Mericle, Alec Phillips, Ronnie Walker, Elsie Peng, Pierfrancesco Mei and Jessica Rindels, hereby certify that all of the views expressed in this report accurately reflect our personal views, which have not been influenced by considerations of the firm’s business or client relationships. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs’ Global Investment Research division. Contributing Authors: Jan Hatzius Goldman Sachs & Co. LLC, David Mericle Goldman Sachs & Co. LLC, Alec Phillips Goldman Sachs & Co. LLC, Ronnie Walker Goldman Sachs & Co. LLC, Elsie Peng Goldman Sachs & Co. LLC, Pierfrancesco Mei Goldman Sachs & Co. LLC, Jessica Rindels Goldman Sachs & Co. LLC. Unless otherwise stated, the individuals listed in the Contributing Authors disclosure of this report are analysts in Goldman Sachs’ Global Investment Research division.

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