The Fed left its key policy rate unchanged at 3.50%-3.75% with almost zero changes to the statement, but three hawkish dissents from regional bank presidents Lorie Logan, Neel Kashkari and Beth Hammack highlight growing support within the FOMC for tighter policy. The downside surprise to inflation in June likely prevented an even closer vote, but firmer inflation prints in July and August would, based on our reading of officials’ recent comments, generate broad enough support for a September hike.
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