The Federal Reserve left its benchmark interest rate unchanged at its July meeting, with a 9-3 vote in favor of holding. This marks the fifth consecutive meeting with rates steady at around 3.6%. Three regional Fed presidents, Beth Hammack, Neel Kashkari and Lorie Logan, dissented in favor of a quarter-point rate hike. Inflation has remained above the central bank’s 2% target for more than five years, and the Iran war has driven energy prices higher, intensifying inflationary pressure. Market expectations show 76% of traders anticipate a rate hike in September, up from 59% a month ago.
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