Overview

• The Fed kept the federal funds rate at 4.25%–4.50% for a fifth straight meeting
• The FOMC reiterated its dual mandate of maximum employment and a 2% inflation goal
• June inflation ran at 2.7%, exceeding the Fed’s target and reinforcing officials’ cautious stance
• Two governors dissented to press for a quarter-point cut, marking the first dual dissent since 1993
• President Trump renewed criticism of the Fed’s rate stance and predicted a September rate cut despite 3% GDP growth