FOMC · Signed Brief

Fed Holds Interest Rates at 3-1/2 to 3-3/4 Percent in Unanimous Vote

The Federal Open Market Committee left its target range unchanged for a fifth straight meeting, with all 12 members backing the decision after four dissents in April.

By — Founder, Kitalpha Finance
Published 8 July 2026
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The Federal Open Market 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" [E2]“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.” — FOMC statement, 2026-06-17. federalreserve.gov ↗.

The statement was approved by a 12-0 vote [E1]“The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote:” — FOMC statement, 2026-06-17. federalreserve.gov ↗.

For the fifth consecutive meeting, the target range has stood at 3-1/2 to 3-3/4 percent [S1]the target range has stood at 3-1/2 to 3-3/4 percent for 5 consecutive meetings through 2026-06-17 — Computed deterministically from the FOMC statements' parsed target ranges. federalreserve.gov ↗.

The previous statement recorded four dissents, including one member who preferred to lower the target range by 1/4 percentage point and three who did not support inclusion of an easing bias in the statement [Ep14]“Voting against this action were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting; and Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time.” — FOMC statement, 2026-04-29. federalreserve.gov ↗; that dissent language was removed, and the current statement recorded a 12-0 vote [D12]Removed: "Voting against this action were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting; and Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[D13]Added: "The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote:" — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[E1]“The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote:” — FOMC statement, 2026-06-17. federalreserve.gov ↗.

The rate-decision sentence was reworded from "in support of its goals" to "in support of the Federal Reserve's dual mandate" [D14]Reworded from "In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3‑1/2 to 3‑3/4 percent." to "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." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[E2]“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.” — FOMC statement, 2026-06-17. federalreserve.gov ↗.

Language from the prior statement on "the extent and timing of additional adjustments to the target range for the federal funds rate" and on carefully assessing "incoming data, the evolving outlook, and the balance of risks" was removed [D6]Removed: "In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗.

In describing the labor market, the statement replaced prior language characterizing job gains as having "remained low, on average" with wording that "job gains have kept pace with the workforce, and the unemployment rate has changed little" [D18]Reworded from "Job gains have remained low, on average, and the unemployment rate has been little changed in recent months." to "Job gains have kept pace with the workforce, and the unemployment rate has changed little." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[E6]“Job gains have kept pace with the workforce, and the unemployment rate has changed little.” — FOMC statement, 2026-06-17. federalreserve.gov ↗.

The prior inflation characterization—that it was "elevated, in part reflecting the recent increase in global energy prices"—was removed [D2]Removed: "Inflation is elevated, in part reflecting the recent increase in global energy prices." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗, and the statement added that "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" [D19]Added: "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." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[E7]“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.” — FOMC statement, 2026-06-17. federalreserve.gov ↗.

Several clauses from the prior statement were also removed, including language on monitoring incoming information for the economic outlook and on adjusting policy if risks emerge [D8]Removed: "In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[D9]Removed: "The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗; the statement added the declaration "The Committee will deliver price stability" [D20]Added: "The Committee will deliver price stability." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗[E8]“The Committee will deliver price stability.” — FOMC statement, 2026-06-17. federalreserve.gov ↗.

The Committee described economic activity as expanding at a "solid pace" despite "elevated uncertainty that owes, in part, to the conflict in the Middle East" [E4]“Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East.” — FOMC statement, 2026-06-17. federalreserve.gov ↗.

Policymakers stated that "productivity growth and capital investment are strong" [E5]“Productivity growth and capital investment are strong.” — FOMC statement, 2026-06-17. federalreserve.gov ↗.

Officials noted that 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," and reaffirmed the policy of maintaining ample reserves in the banking system [E7]“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.” — FOMC statement, 2026-06-17. federalreserve.gov ↗[E3]“The Committee reaffirmed its policy of maintaining ample reserves in the banking system.” — FOMC statement, 2026-06-17. federalreserve.gov ↗[D15]Added: "The Committee reaffirmed its policy of maintaining ample reserves in the banking system." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗.

The next scheduled FOMC meeting concludes on July 29, 2026 [C1]Next scheduled FOMC meeting: 2026-07-29 — FOMC meeting calendar, federalreserve.gov. federalreserve.gov ↗.

Sources

  1. [E2]“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.” — FOMC statement, 2026-06-17. federalreserve.gov ↗
  2. [E1]“The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote:” — FOMC statement, 2026-06-17. federalreserve.gov ↗
  3. [S1]the target range has stood at 3-1/2 to 3-3/4 percent for 5 consecutive meetings through 2026-06-17 — Computed deterministically from the FOMC statements' parsed target ranges. federalreserve.gov ↗
  4. [Ep14]“Voting against this action were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting; and Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time.” — FOMC statement, 2026-04-29. federalreserve.gov ↗
  5. [D12]Removed: "Voting against this action were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting; and Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  6. [D13]Added: "The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote:" — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  7. [D14]Reworded from "In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3‑1/2 to 3‑3/4 percent." to "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." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  8. [D6]Removed: "In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  9. [D18]Reworded from "Job gains have remained low, on average, and the unemployment rate has been little changed in recent months." to "Job gains have kept pace with the workforce, and the unemployment rate has changed little." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  10. [E6]“Job gains have kept pace with the workforce, and the unemployment rate has changed little.” — FOMC statement, 2026-06-17. federalreserve.gov ↗
  11. [D2]Removed: "Inflation is elevated, in part reflecting the recent increase in global energy prices." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  12. [D19]Added: "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." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  13. [E7]“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.” — FOMC statement, 2026-06-17. federalreserve.gov ↗
  14. [D8]Removed: "In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  15. [D9]Removed: "The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  16. [D20]Added: "The Committee will deliver price stability." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  17. [E8]“The Committee will deliver price stability.” — FOMC statement, 2026-06-17. federalreserve.gov ↗
  18. [E4]“Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East.” — FOMC statement, 2026-06-17. federalreserve.gov ↗
  19. [E5]“Productivity growth and capital investment are strong.” — FOMC statement, 2026-06-17. federalreserve.gov ↗
  20. [E3]“The Committee reaffirmed its policy of maintaining ample reserves in the banking system.” — FOMC statement, 2026-06-17. federalreserve.gov ↗
  21. [D15]Added: "The Committee reaffirmed its policy of maintaining ample reserves in the banking system." — Change between the FOMC statements of 2026-04-29 and 2026-06-17. federalreserve.gov ↗
  22. [C1]Next scheduled FOMC meeting: 2026-07-29 — FOMC meeting calendar, federalreserve.gov. federalreserve.gov ↗