US Fed meeting: The US Federal Reserve will begin its two-day monetary policy meeting on July 28, where policymakers will assess the economic outlook and discuss the future trajectory of interest rates.
The rate-setting Federal Open Market Committee (FOMC), which meets eight times annually, will announce the rate decision on Wednesday, 29 July. The FOMC will review key economic indicators such as inflation, economic growth, and labor market conditions before determining the federal funds rate.
The meeting will also mark Kevin Warsh’s second Federal Reserve policy meeting, with the US central bank widely expected to hold interest rates.
The announcement will come amid ongoing peace talks between US and Iran after fifteen days of continuous strikes. However, uncertainty persists over whether the two sides can secure a lasting peace deal.
At its previous policy meeting, the Federal Reserve left its benchmark interest rate unchanged. The FOMC voted to keep the federal funds rate in the 3.5%–3.75% target range.
The Fed has maintained interest rates at the same level throughout 2026 after delivering a series of rate cuts in 2024 and 2025. Investors are now looking for clues on whether the central bank will resume its monetary easing cycle later this year.
US Fed meeting: When and where to watch in the US?
The dates for the US Fed meeting are 28-29 July. The policy statement will be released at 2 p.m. ET on 29 July, followed by a press conference addressed by Kevin Warsh.
Investors can watch US Fed chairman Kevin Warsh’s press conference address via the official live stream on the US Federal Reserve’s website: https://www.federalreserve.gov/.
His speech will also be broadcast live on the Federal Reserve’s official YouTube channel on Wednesday at this link — https://www.youtube.com/federalreserve.
US Fed meeting: When and where to watch in India?
For investors in India, the announcement is scheduled for 11:30 pm IST. Those looking to follow the remarks by Warsh after the FOMC policy decision can tune in at 12:00 am IST on Wednesday, 29 July, according to the official timetable.
Indian investors can also watch Warsh’s address via the official website links provided above.
US Fed meeting outcome expectations
Harshal Dasani, Business Head – INVasset PMS, believes that the Fed is likely to hold the policy rate at 3.50% to 3.75%, but the pause should not be mistaken for an easing signal, adding that the recent inflation data has moderated, reducing the need for an immediate hike, yet price pressures remain above the Fed’s comfort zone.
“The larger market signal will come from Chair Kevin Warsh’s commentary. If he stresses persistent inflation and keeps the next meeting live, US yields and the dollar could remain firm, which may weigh on emerging-market currencies and foreign flows. A softer tone would require clearer evidence that inflation is cooling on a sustained basis rather than merely responding to temporary energy movements. The Fed does not need to raise rates at this meeting to tighten financial conditions. It only needs markets to believe that policy could turn more restrictive if inflation stops improving,” Dasani said.
Meanwhile, Seema Srivastava, Senior Research Analyst at SMC Global Securities, said that the US Fed is widely expected to keep the federal funds rate unchanged at 3.50%-3.75% at its July 28-29 policy meeting, marking another pause as policymakers balance persistent inflation risks against signs of moderating economic momentum.
Srivastava noted that the while recent data indicate easing core inflation and a gradual cooling in the labor market, inflation remains above the Fed’s 2% target and elevated energy prices driven by geopolitical tensions have renewed concerns over upside price pressures.
“Consequently, although the consensus strongly favors a hold, markets have increased the probability of a surprise 25-basis-point rate hike, making this one of the most closely watched Fed meetings in recent years. Investors will focus less on the policy decision itself and more on the tone of the statement and Chair Kevin Warsh’s press conference, particularly for clues on whether policymakers remain biased toward tighter monetary policy,” she added.
She further highlighted that unlike previous Fed leadership, Warsh has intentionally reduced forward guidance, increasing uncertainty around the future policy path. Most economists, including major investment banks such as JPMorgan, expect the Fed to remain data-dependent, with no immediate commitment to either rate cuts or further hikes.
However, if inflation remains sticky due to higher oil prices or stronger-than-expected economic activity, the possibility of another rate increase later in 2026 cannot be ruled out. Overall, the base case remains a policy pause in July, accompanied by a hawkish tone emphasizing the Fed’s commitment to restoring price stability while retaining flexibility to respond to evolving inflation and growth dynamics, she said.
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