WASHINGTON — Federal Reserve officials are gathering in Washington, D.C., for a two-day Federal Open Market Committee meeting starting Tuesday, July 28, 2026, as they confront renewed energy-driven inflation pressures and heightened policy uncertainty. Since early 2026, the Fed has held its benchmark federal funds rate in a restrictive 3.50–3.75 percent target range, and markets broadly expect no change at this week’s meeting, which would mark a fifth consecutive hold. However, a sharp rise in oil prices and conflicting macroeconomic indicators have unsettled forecasts, with headline U.S. consumer inflation at 3.5 percent in June, still well above the 2 percent target.

Prepared by Christopher Adams and reviewed by editorial team.