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MEETING FOMC
Most participants supported keeping rates unchanged at the July 28-29 meeting, but several favored a hike.Many participants judged higher rates would likely be necessary if inflation failed to decline.A few who favored an immediate hike said it could help avoid the need for further increases later.Some participants said financial conditions may not be restrictive enough to return inflation to the 2% target.Several noted price increases over the past year were broad-based across goods and services.Tighter financial conditions reflected strong economic growth and expectations the Fed would adopt a more restrictive stance before long.Inflation outlook was broadly unchanged from June, while the economic outlook was a “touch weaker.”Almost all members backed retaining language affirming the FOMC “will deliver price stability.”six scheduled meetings per year could allow more information to accumulate between meetings; no decision was made and the 2026 schedule remains unchanged.Ample reserves helped maintain orderly market functioning during a brief payments outage.
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