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NewsABC Action News (WFTS) — NewsJuly 29, 2026Hillsborough County

Federal Reserve Keeps Interest Rates Unchanged

Photo: ABC Action News (WFTS) — News

The Federal Reserve has decided to maintain current interest rates despite inflation rising to 3.5%. The decision follows a split vote among board members amid ongoing economic uncertainty.

Federal ReserveInterest RatesInflationEconomyMonetary Policy
Read the full story at ABC Action News (WFTS) — News

Why It Matters

The influences the cost of borrowing for consumers, including mortgage rates and auto loans, which currently remain affected by the Fed's decision to hold rates steady.

Key Facts

  • The Federal Reserve voted to keep interest rates unchanged.
  • Three of the 12 voting board members voted to increase interest rates by 0.25%.
  • The current inflation rate is 3.5%.
  • The Federal Reserve maintains an official inflation target of 2%.
  • The average rate for a 30-year fixed mortgage is 6.58% as of Wednesday.
  • The 30-year fixed mortgage rate is down from 6.74% one year ago.
  • Kevin Warsh presided over the meeting as Chair.
  • The rise in inflation is attributed in part to energy price spikes linked to conflict in Iran.
  • The Federal Reserve reports that job gains are keeping pace with the workforce and unemployment remains stable.

Who's Mentioned

PersonKevin Warsh“Chair of the Federal Reserve Board who took over in May.”OrganizationFederal Reserve“The central banking system of the United States responsible for setting interest”PersonJerome Powell“Former Chair and current member of the Federal Reserve Board.”