Fed Decision Shows Growing Internal Pressure to Raise Rates
Dow Jones02:03
The Fed's decision to hold rates steady in July drew three dissents, illustrating how a group of the central bank's regional reserve-bank presidents is pressing to shift to a more hawkish stance.
Three of the five reserve-bank presidents on the Fed's policy committee--Cleveland's Beth Hammack, Minneapolis's Neel Kashkari, and Dallas's Lorie Logan--dissented in favor of higher rates. Not since September 2016 have three Fed officials dissented against a policy decision in the same direction.
Fed Chairman Kevin Warsh, who supported the decision to hold rates steady, has been adamant about the Fed's responsibility to rein in inflation, and will likely face questions at his 2:30 p.m.
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