Updated July 29, 2026 at 12:06 PM MDTThe Federal Reserve held its benchmark interest rate steady Wednesday, but left the door open to raising rates in the future if inflation remains elevated. Three regional Fed bank presidents dissented from the decision, preferring to raise interest rates by a quarter percentage point. "My colleagues and I recognize that high inflation has been an undue burden on American households and businesses," Warsh told the Senate Banking Committee. Loading...Higher interest rates tend to be a drag on the job market, while lower rates can boost hiring. Weakness in the job market prompted the Fed to cut interest rates three times last year.