July FOMC minutes show three officials wanted a hike and many see tightening if inflation stalls

The minutes of the July 28-29, 2026 FOMC meeting, published August 19, show the committee held rates at 3.50%-3.75% with three dissenters, Hammack, Kashkari and Logan, who wanted a quarter-point increase. Many participants said tightening would likely be needed if inflation did not decline, though most expected inflation to ease over the rest of the year. Staff estimated June PCE inflation at 3.7% headline and 3.3% core.

• Vote: hold at 3.50%-3.75% with three dissents for a 25 bp hike
• Dissenters: Hammack, Kashkari and Logan
• Many participants: tightening likely if inflation does not decline
• Staff estimate: June PCE 3.7% headline, 3.3% core