The Federal Reserve on July 29 kept interest rates unchanged at 3.50%–3.75% by a vote of 9 to 3. Three dissenting votes—Logan, Hammack, and Kashkari—wanted a rate hike, not a cut. On the day, the yield on the 30-year U.S. Treasury jumped 12 basis points to 5.21%, the highest since 2007, and the Dow fell 1,153 points. If they pause it, the long end is being sold.