The Federal Reserve Open Market Committee (FOMC) for July saw the central bank leave its key interest rate unchanged. The target range for the Fed funds rate was maintained at 3.50-3.75%, for a fifth consecutive meeting. The July meeting outcome was in line with market expectations. Nine of the twelve voting FOMC members were in favour of the “no-change” decision with three “hawkish” dissenters (Hammack, Kashkari and Logan), preferring a 25bps rate hike. Chair Warsh stated that there was an “active, robust discussion” within the FOMC on the policy outlook.
