Fed Holds Rates Fifth Straight Time at 3.5%–3.75%
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- Federal Reserve held its benchmark interest rate at 3.5%–3.75% for the fifth consecutive time, citing uncertainty around energy prices driven by the Iran war.
- Kevin Warsh delivered his second rate hold since succeeding Jerome Powell as Fed Chair, and has moved away from issuing forward guidance since taking over.
- The FOMC announced the decision on July 29, 2026, with Warsh's press conference set for 2:30 p.m. EDT.
- Energy-price volatility stemming from the Iran conflict was named as a complicating factor for the Fed's outlook, despite the central bank keeping policy unchanged.
Why it matters: The fifth straight hold shows the Fed choosing to wait out energy-driven uncertainty rather than pivot hawkish, even as traders had previously priced in a September hike. With Warsh now running policy without forward guidance, his 2:30 p.m. press conference becomes the only signal for borrowers and markets trying to gauge when the Iran war's price shock might break the Fed's patience.
