# FOMC: Hawkish Hold, Dissents Flip to the Hike Side

Published July 29, 2026 by Anaïs Howland, CFA.

The Federal Reserve held rates unchanged, but a 9–3 vote with three dissents favoring a 25-basis-point increase gave the decision a hawkish tone. Markets pushed near-term hike expectations later rather than removing them.

## What this report covers

- Federal Reserve policy decision
- Voting composition and dissent
- Policy-path and rates-market implications

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