FED Statement, Rates held at 3.50%–3.75%
FEDFEDERAL FUNDS RATE
4/29/20261 min read
Dissent signal: The three-vote dissent against easing-bias communication is a deliberate hawkish anchor on the forward path, not a routine internal disagreement.
Inflation hardened: "Somewhat elevated" became "elevated." Energy prices are named as a contributing driver with no look-through language attached.
Geopolitical risk: The Middle East is now the named active driver of "high" uncertainty, upgraded from a separate factor with uncertain implications.
No look-through: The Committee identified a current inflation pressure without signalling it would discount the energy effect as transitory or temporary.
Growth unchanged: Activity continues to expand at a "solid pace," identical to March.
Labour: "On average" added to the low job gains description, acknowledging month-to-month variability. Trend assessment is unchanged.
Reaction function: Open-ended guidance, unchanged. No calendar reference and no specific data threshold.
Balance sheet: No changes to balance sheet policy reported.
Rates held at 3.50%–3.75% (target range). Vote 8-4. Miran dissented in favor of a 25 bp cut.
FED - 29 04 2026
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