Fed Rate Split
Fed officials disagreed sharply on rates as inflation worries cloud the outlook.
Summary
Minutes released July 8 from Kevin Warsh’s first FOMC meeting on June 16-17 showed officials kept the policy rate unchanged at 3.6% but split over whether inflation would stay elevated or cool after the Iran war winds down. Nine of 18 voting members projected a rate hike before the end of 2026, while other participants saw scenarios where easing inflation could justify lower rates. Officials cited tariff and energy-price pressures as inflation risks. Warsh also won backing for policy reforms, and the June statement pledged: “The Committee will deliver price stability.”
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