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Fed officials who voted to hike rates say action is needed now against inflation

📰 source: cnbc_topnews · 💼 business

three federal reserve officials dissented from the decision to hold rates steady this week, saying the central bank should hike now to fight inflation. cleveland fed president beth hammack, minneapolis fed president neel kashkari, and dallas fed president lorie logan voted against keeping the key borrowing rate in a range between 3.5% and 3.75%. the other nine voting members voted for the hold, which has been in place all year after three cuts in late 2025.

hammack said the longer high inflation persists, the more costly it becomes to bring down. kashkari argued a series of small hikes now could prevent bigger moves later. logan said policy isn't restraining the economy and inflation will keep running above target without action. inflation has stayed above the fed's 2% target for over five years, spiking again due to the iran war and trump tariffs. while june saw easing prices, energy costs have risen again. chairman kevin warsh voted for the hold but said the five-plus years of above-target inflation can't be cured quickly. hammack also said she sees demand-side pressures, not just supply factors. logan is expected to release a statement later.

why it matters: dissent from three fed officials signals possible rate hikes ahead, which would pressure stocks and lift bond yields.

source: cnbc_topnews
sentiment: -0.30 · impact: 0.85

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Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects