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Fed preview: It's all about the dissenters

The Federal Reserve held interest rates in a 9-3 vote, its most hawkish split since 2016. Three officials wanted a rate hike. The decision signals the Fed's growing concern about inflation. Markets are now pricing in a possible rate hike in September.

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What changed

The Federal Reserve's interest rate decision showed a more hawkish stance than expected, with three officials dissenting in favor of a rate hike.

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  1. Fed Officials Dissent on Interest Rate Decision

    The Federal Reserve held interest rates in a 9-3 vote, its most hawkish split since 2016. Three officials wanted a rate hike. The decision signals the Fed's growing concern about inflation. Markets are now pricing in a possible rate hike in September.

    What's confirmed:

    • The Fed held rates on July 29 in a 9-3 vote, its most hawkish split since 2016.
    • Three Fed officials voted to raise rates.
    • The 30-year hit a 2007 high as markets repriced.
    • The dissents show the Fed is "running out of patience" with inflation.

    Still unconfirmed:

    • A September rate hike is now more likely.
    confidence 50%