Federal brief
FOMC July minutes: hold at 3½–3¾ percent amid elevated inflation
Minutes released August 19, 2026, for the July 28–29 meeting say the Committee kept the federal funds target range at 3½ to 3¾ percent. Participants discussed Middle East oil shocks, solid activity, and still-elevated inflation.
On August 19, 2026, the Federal Reserve released the minutes of the Federal Open Market Committee meeting held July 28–29, 2026. The minutes are the Committee’s public record of that meeting — not a new rate decision.
According to the minutes, the Committee decided to maintain the target range for the federal funds rate at 3½ to 3¾ percent in support of the dual mandate. Participants described labor markets as generally stable and manufacturing as solid, including demand tied to high-tech and AI buildout, while inflation remained elevated relative to the 2 percent goal.
Desk briefing notes in the minutes say oil prices rose with Middle East tensions, near-term inflation compensation stayed contained after the June meeting, and markets priced a meaningful chance of a hike by September even though many survey respondents expected no change that year.
Read the HTML or PDF minutes on the Board site for the full discussion and the vote line. This page is a publisher-desk pointer only.
Source: https://www.federalreserve.gov/newsevents/pressreleases/monetary20260819a.htm
Minutes PDF: https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20260729.pdf
What to read next: /executive/agency/federal-reserve and /federal/fed-fomc-target-range-2026-09-16.
This is a Notice Nearby publisher-desk Federal brief — a short in-house summary of a public federal filing or agency press release. It is not official agency minutes, not a newspaper story, and not Legal Publication. It does not satisfy a statutory notice requirement.
Source: the official public federal record official record · Federal Reserve · FOMC Minutes · Aug 19, 2026.
This is a Notice Nearby publisher-desk Federal brief — a short in-house summary of a public federal filing. It is not official agency minutes, not a newspaper story, and not Legal Publication. It does not satisfy a statutory notice requirement.