The Federal Reserve held interest rates steady at 3.5% to 3.75% at its July 28-29 meeting, with a divided 9-3 vote. Three committee members, Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, dissented in favor of a 25 basis point hike. New Fed Chair Kevin Warsh has deliberately scaled back forward guidance, breaking with the tradition of signaling monetary policy intentions months in advance. Inflation remains stubbornly above the Fed’s 2% target, and the Jackson Hole symposium scheduled for August 27-29 represents the next major flashpoint for markets.
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