Fed Holds Rates at 3.50%-3.75%; Three Officials Dissent for 25 Basis-Point Hike

The Federal Reserve left its benchmark interest rate unchanged at 3.50% to 3.75% on July 29, Walter Bloomberg reported. The decision was made in a 9-3 vote by the Federal Open Market Committee.

Beth Hammack, Neel Kashkari and Lorie Logan dissented, favoring a 25 basis-point increase.

The policy statement was little changed from the June meeting. Still, the three dissents suggested support for tighter monetary policy is growing within the Fed.