US Fed Meeting LIVE Updates: US stocks fall after Fed holds rates steady; Dow drops 741 points

US Fed Meeting LIVE Updates: The Federal Reserve on Wednesday (July 29) decided to keep its key interest rate unchanged, though the decision faced dissent from three officials who favoured a rate hike amid concerns over inflation.

The Federal Open Market Committee (FOMC) voted 9-3 to maintain the federal funds rate in the 3.5%-3.75% range. The dissent marked growing support among some policymakers for tighter monetary policy.

Dissenting in favour of a quarter-point interest rate hike were Beth Hammack, president of the Federal Reserve Bank of Cleveland; Neel Kashkari, president of the Minneapolis Fed; and Lorie Logan, president of the Dallas Fed. Inflation has been stuck above the central bank’s 2% target for more than five years.

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