In July, the Federal Open Market Committee voted 9-3 to hold interest rates steady. S&P Global Ratings economists forecast that a September rate hike now looks more likely, driven largely by expected growth in inflation, and project a rate hike of 25 basis points (bps) in September, with additional 50-bp rate hikes likely by the end of the year (see “ Fed Hold Looks Harder To Maintain,” July 29, 2026).
07-Aug-2026 | 09:51 EDT