Economy · From the edition of Jul 17, 2026
✳ Dated WEDNESDAY, JULY 29, 2026 ✳
POWELL STANDS PAT; RATES HELD FAST
The Federal Reserve ignores the pressure and holds its benchmark exactly where it was
WASHINGTON, July 29 — The Fed didn't blink. It left interest rates untouched Tuesday as Chairman Jerome Powell brushed off mounting calls for relief. Nobody was surprised. Traders had priced the hold at 96 percent before the decision landed. The cheap-money crowd went home empty-handed again.
This is getting routine. The central bank picked caution over applause once more. Since the inflation spike of recent years, the Fed hasn't budged, and there's barely a dissenting voice in the room. Markets gave a rate cut almost no chance—a sliver of a percent, either way. So much for easy summer money.
Now everyone's guessing. Traders are looking to autumn, but hope for cuts has faded heading into late 2026, and few expect quick relief. Businesses, homebuyers and Wall Street all have to live with a Fed built to be obeyed, not liked. The line holds. Powell isn't flinching.
Source: Polymarket · 96% probability — View market ↗