Trump’s New Fed Chair Deserts Trump (Robert Kuttner, July 29, 2026, American Prospect)
As expected, the Federal Reserve did not raise interest rates today, but neither did it lower them from its current target range of 3.5 to 3.75 percent for short-term rates. And the vote was 9-to-3, with three regional bank presidents—Beth Hammack of Cleveland, Neel Kashkari of Minneapolis, and Lorie Logan of Dallas—voting to raise the target range for the federal funds rate by a quarter percentage point. It was the first time since 2016 that three officials dissented in the same direction.