Overview

• The Federal Reserve kept its benchmark interest rate at 4.25%–4.50% on July 30 despite mounting calls for relief.
• July’s jobs report showed only 73,000 new positions and deep downward revisions for May and June, marking the weakest hiring pace since the pandemic.
• Governors Michelle Bowman and Christopher Waller cast a rare dual dissent in July, urging a quarter-point cut over tariff-driven uncertainty.
• Governor Adriana Kugler announced her resignation effective August 8, providing President Trump an early opportunity to appoint her successor.
• President Trump has publicly criticized Chair Powell’s rate stance and targeted Fed renovation costs as he pushes for faster monetary easing ahead of midterms.