When: Decision Wednesday, July 29, 2026, 2:00 p.m. ET; press conference 2:30 p.m. ET. Two-day meeting July 28–29.
This is a non-projection meeting — no dot plot, no Summary of Economic Projections. With two CPI prints and a June jobs report in hand by then, the committee will have a clearer read on whether the spring inflation acceleration was transitory or sticky.
Why It Matters
Without new projections, the entire signal lives in the statement language and the press conference. The question is whether the committee acknowledges the firmer inflation trend with more hawkish framing or holds the line on eventual cuts. For a market that spent the summer trading a rate-repricing thesis, this meeting either validates it or begins to unwind it. The reaction concentrates in the front end of the curve and in the most rate-sensitive equity cohorts.