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Fed rate hike backed by 3 dissenting members over inflation concerns

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Economist says inflation won't hit 2% Federal Reserve target until 2028

The Federal Reserve left its benchmark interest rate unchanged this week despite three dissenting votes from Fed governors who would’ve preferred the central bank hike rates to help rein in stubbornly-high inflation, they explained on Friday.

The Federal Open Market Committee (FOMC), the Fed panel responsible for monetary policy moves, on Wednesday voted 9-3 to leave the federal funds rate unchanged at a range of 3.5% to 3.75%, where it has remained throughout 2026 so far.

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The three dissenting votes were cast by Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed President Lorie Logan – each of whom raised concerns about inflation persisting above the central bank’s 2% target and said they would’ve preferred raising the federal funds rate by 25-basis-points.

Inflation trended lower in June but remains elevated from the energy price shock caused by the Iran war earlier this year, with the Fed’s preferred inflation gauge, the personal consumption expenditures (PCE) index, up 3.7% in June compared with a year ago.

FED POLICYMAKERS LEAVE RATES UNCHANGED AMID ELEVATED UNCERTAINTY

Shoppers at Costco store in Arlington, Virginia

Inflation has remained stubbornly above the Fed’s 2% target, with energy prices pushing it higher over the course of this year. (Li Rui/Xinhua via Getty Images)

Federal Reserve Chair Kevin Warsh, who was leading his second FOMC meeting since being confirmed as the central bank’s leader, acknowledged the importance of returning inflation to 2% to restore price stability even as he said that he thinks holding rates steady was “especially prudent at these uncertain times.”

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“Not one of my FOMC colleagues is under any illusion, we have begun a new chapter, and we understand that the five-plus years of inflation above target cannot be cured in nine weeks, or by a single month of modest price decreases. This Fed will not waver. Our credibility rests on performing our duties and delivering on our responsibilities,” Warsh said.

Here’s a look at key points made by the three dissenting FOMC members in their explanations of why they would’ve preferred the central bank hike rates at this week’s policy meeting.

FED’S FAVORED INFLATION GAUGE SHOWED PRICES PULLED BACK IN JUNE

Dallas Fed President Lorie Logan

Logan explained that inflation “does not appear to be on course to sustainably achieve” the Fed’s 2% target, adding that, “Every month of above-target inflation compounds the strain on the budgets of American families and businesses.”

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“Even after accounting for productivity gains and temporary supply shocks, inflation appears to be trending toward the mid-2’s, not all the way to 2%, and the risks are to the upside,” Logan explained. She also noted the labor market is “solid and perhaps strengthening,” which eases concerns about the maximum employment component of the Fed’s dual mandate.

Dallas Fed President Lorie Logan

Dallas Fed President Lorie Logan said that inflation doesn’t seem to be returning to its 2% target. (Shelby Tauber/Bloomberg/Getty Images)

She added that conditions in the labor and financial markets, as well as consumer spending trends, suggest that “monetary policy is not restraining the economy. Without any policy restraint, inflation will likely continue to trend above target until there’s an unanticipated shock.”

“The FOMC cannot count on unanticipated shocks to achieve its goals and can always adjust policy if unanticipated shocks occur. Modest action in the near term would reduce the likelihood of needing to take sharper action later,” Logan said in explaining her preference for a rate hike.

FED CHAIR KEVIN WARSH SAYS CENTRAL BANK HAS ‘NO TOLERANCE’ FOR ELEVATED INFLATION

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Minneapolis Fed President Neel Kashkari

Kashkari discussed the similarities and differences between the current inflationary cycle and what the U.S. experienced in the 1970s with a series of successive supply shocks affecting commodities, food and energy markets; to the contemporary inflation caused by the pandemic, wars in Ukraine and the Middle East, and trade tension leading to higher tariffs.

While central bankers half a century ago initially thought they faced a single supply shock that could “look through” because it would pass on its own, they ultimately determined they needed to raise rates to curb the inflationary pressures, Kashkari explained.

Neel Kashkari during an interview.

Minneapolis Fed President Neel Kashkari said it wouldn’t be hard to pause or reverse rate hikes if needed. (John Lamparski/Getty Images)

“The economy today is in a much better place than it was then: unemployment is lower and inflation is much lower. But to manage against the risk that high inflation could become entrenched, I would rather tighten policy incrementally as we gather more data on the path of inflation and employment,” he wrote.

“If inflation remains elevated, in my view, a potential series of small policy moves would be better than waiting and eventually concluding that even bolder actions were necessary,” Kashkari said. “On the other hand, if inflation durably fades, a strategy of small policy steps would allow the FOMC to slow or pause subsequent adjustments without unnecessary impact on the real economy.”

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BOFA CEO BRIAN MOYNIHAN DISMISSES RECESSION FEARS DESPITE WALL STREET’S MOST HAWKISH FED FORECAST

Cleveland Fed President Beth Hammack

Hammack wrote that she is “not confident” that inflation will return to the Fed’s 2% target on its own, saying that the time is right for the central bank to take action to lower inflation as the “longer that high inflation persists, the more challenging and costly it can be to bring it back down.”

Cleveland Fed President Beth Hammack speaks

Cleveland Fed President Beth Hammack dissented in favor of a 25-basis-point rate hike. (Victor J. Blue/Bloomberg via Getty Images)

She noted that while energy price shocks have driven much of the inflation this year, she’s hearing from businesses in her Fed district that pricing pressures are “broadening rather than fading, and consumers are expressing despair over persistently higher prices.”

“Given the stability of the labor market, with the unemployment rate near my estimate of maximum employment, I view high inflation as the more pressing problem,” Hammock explained.

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“A higher federal funds rate would help restrain economic activity and reduce inflationary pressures. I preferred to move at our recent meeting because I did not see the current policy stance as appropriately restrictive,” she wrote.

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Kate Middleton Is the Monarchy’s “Greatest Asset” as Shared Cancer Battle Deepens Bond With the King

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Kevin Durant

Kate Middleton has become one of King Charles III’s most trusted family members, with royal watchers pointing to a shared cancer diagnosis and years of steady public service as factors that have deepened the bond between the king and the Princess of Wales.

Katie Nicholl, a royal correspondent for Vanity Fair and co-host of the podcast “The Royals Uncensored,” said the princess has consistently proven her value to the institution since marrying into the royal family. “I think Catherine, the Princess of Wales, has always been a very valuable asset to the royal family,” Nicholl told Fox News Digital. “She is the commoner who married into the royal family … [She has made] a seamless transition into that unique world of royalty. It’s not easy … There’s a huge amount of sacrifice that goes into being a member of the royal family.” Nicholl added that Kate has handled that sacrifice with composure. “Catherine’s had to give up a huge amount, and yet she does it all with a great deal of grace and dignity, always with a smile,” Nicholl said. “So she is absolutely the monarchy’s greatest asset.”

The relationship between Charles and Kate has grown notably closer following parallel health struggles both experienced beginning in 2024. Buckingham Palace announced the king’s cancer diagnosis that year, and Charles shared in December 2025 that his treatment would be scaled back in 2026. Kate revealed her own cancer diagnosis in March 2024, shortly after the king’s announcement became public. She completed chemotherapy that September and announced in January 2025 that she was in remission.

British broadcaster and photographer Helena Chard said the king has drawn inspiration from watching Kate navigate her illness. “King Charles sees enormous value in Princess Catherine,” Chard told Fox News Digital. “Not just as the wife of his heir, but as the cornerstone of the monarchy itself. He genuinely loves his ‘darling’ daughter-in-law. His face lights up when he is with her. They share similar interests, and they have shared a similar cancer journey, one that has created a deep bond and understanding that goes beyond duty.”

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Chard said the late Queen Elizabeth II had recognized Kate’s value to the institution well before Charles ascended the throne. “The late queen saw it too,” Chard said. “She recognized Catherine’s superpowers early on — her ability to listen, find solutions and bring calm to difficult situations.” Chard also framed Kate’s role within Charles’s broader approach to his reign. “King Charles fundamentally views his time on the throne as stewardship,” she said. “He sees himself as the caretaker of the institution and is acutely conscious of preparing the next generation. Collaborative preparation between the king and his heir is essential. Having Princess Catherine as the wife of his heir, Charles has struck gold.”

Royal author Sally Bedell Smith, in previous comments to People magazine, described the relationship in more personal terms. “He has always had a very strong bond with her,” Smith told the outlet, adding that Kate is “like the daughter he never had.” Smith said Charles shares a protective instinct toward Kate with his son, Prince William. “He shares with William an impulse to protect her,” Smith said. “They are in this together, Kate and the king.”

When Kate’s diagnosis first became public, Buckingham Palace said Charles was “so proud of Catherine for her courage in speaking as he did.” Author Christopher Andersen has separately written that the king stood by Kate’s side during her treatment “to lend his cherished daughter-in-law moral support.”

Kate has continued advocacy work tied to her cancer experience in the time since her recovery, including a recent charity fundraising climb of the three highest peaks in the United Kingdom for the Royal Marsden hospital. Nicholl said that effort has strengthened public support for the princess. “Thankfully, despite a serious health issue, she has overcome that,” Nicholl said. “We’ve just seen her climb the three highest peaks in the United Kingdom to raise money for the Royal Marsden. She’s turning her experience into something positive, and I think that’s earned her a great deal of respect among the British public, along with a lot of love and affection. People are very much behind her and William.”

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Chard echoed that sentiment, describing Kate’s broader connection with the public. “Princess Catherine connects with people in a way that restores faith in the monarchy,” Chard said. “She has learned every aspect of the institution over many years and has blended in carefully without fuss. Princess Catherine is central to the institution’s success, and King Charles knows this.”

Royal commentators say Kate’s steadiness has taken on added significance as the working royal family has grown smaller in recent years. Prince Andrew stepped back as a working royal in 2019 amid his ties to the late convicted sex offender Jeffrey Epstein, and Charles has since formally stripped him of his princely title and HRH style. Prince Harry and Meghan Markle, the Duke and Duchess of Sussex, stepped back from royal duties in 2020 and relocated to California.

Royals commentator Richard Fitzwilliams said the king’s appreciation for Kate extends to her partnership with William. “Naturally, King Charles recognizes the value of Kate, who is indeed the monarchy’s greatest asset,” Fitzwilliams told Fox News Digital. “We should add, ‘together with her partnership with William and their family.’ While we praise Catherine’s many strengths, William is the future king. She will one day be queen consort. They see themselves as a close-knit couple.” Fitzwilliams also pointed to Kate’s support for William amid reported tension over how to handle Harry. “William is currently at the center of reports that he and the king differ over how to handle Prince Harry, in particular,” Fitzwilliams said. “As she showed when the Sussexes met with the king and Queen Camilla, she fully supports William’s approach.”

Royals expert Hilary Fordwich said Kate’s steadiness has translated into measurable public goodwill. “It’s not at all surprising King Charles and Princess Catherine have bonded,” Fordwich told Fox News Digital. “One can tangibly feel the public also values her wonderful assets from the reception she always receives when in public, as well as in opinion polls. She has become indispensable and has won the public’s trust.” Fordwich attributed that trust in part to how Kate handled her illness. “She handled the strain of her cancer battle with dignity, without any indication of self-pity.”

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Bombardier Inc. (BBD.B:CA) Q2 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Operator

Good morning, ladies and gentlemen, and welcome to the Bombardier Second Quarter 2026 Earnings Conference Call. Please be advised that this call is being recorded. At this time, I would like to turn the discussion over to Mr. Francis Richer de La Fleche, Vice President, FP&A and Investor Relations for Bombardier. Please go ahead.

Francis Richer de La Fleche
Vice President of Financial Planning & Investor Relations

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Good morning, everyone, and welcome to Bombardier’s earnings call for the second quarter of 2026. I wish to remind you that during the course of this call, we may make projections or other forward-looking statements regarding future events or the financial performance of the corporation. There are risks that actual events or results may differ materially from these statements. For additional information on forward-looking statements and underlying assumptions, please refer to the MD&A. I’m making this cautionary statement on behalf of each speaker on this call.

With me today is our President and Chief Executive Officer, Éric Martel; and our Executive Vice President and Chief Financial Officer, Bart Demosky, to review our operations and financial results for the second quarter ended June 30, 2026.

I would now like

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Time for government, companies to adopt artificial intelligence: Deloitte India

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The Economic Times

MUMBAI: In the midst of Indian companies battling the Covid-19 disruption, there is a growing realisation and acceptance that artificial intelligence (AI) is not only unavoidable but it must be adopted quickly to remain competitive in the marketplace, Deloitte India CEO N Venkatram told ET.“Indian companies need to re-skill, train, and acquire more relevant talent, if they are to successfully integrate AI technologies. Most importantly, they

( Originally published on Dec 27, 2020 )

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Thousands take to Kyiv’s main street, firm on calls for defence minister’s return

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Thousands take to Kyiv’s main street, firm on calls for defence minister’s return

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Indian dating apps, services see surge of paying users in small cities

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The Economic Times

NEW DELHI: For Indian dating apps and services, small cities and towns are now driving the growth more than the metros.According to companies like Aisle and Truly Madly, which have millions of users and position themselves as “serious” dating apps, and bespoke high-end dating services like Sirf Coffee, a lot more users from such places are not only keen on using these apps, but also willing to pay for it.While users for these apps from small

( Originally published on Jan 01, 2021 )

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Govt may keep Rs 7,500 cr outlay for IT hardware manufacturing under PLI scheme

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The Economic Times
NEW DELHI: The government may keep an outlay of Rs 7,500 crore under the production linked incentive scheme for IT hardware products like personal computers, laptops, tablets and servers, according to a source aware of the development.

Foreign companies looking for incentives under the scheme may have to invest Rs 500 crore over four years, while the threshold for domestic firms is likely to be around Rs 20 crore for five years, the source who did not wish to be named said.

“Meity (Ministry of Electronics and Information Technology) will take the Cabinet approval of the detailed guidelines soon and is hopeful of rolling out the scheme from next financial year. The incentive outlay is likely to be around Rs 7,500 crore,” the source said.

The government has announced a cumulative production linked incentive of Rs 2 lakh crore for 10 sectors to encourage domestic manufacturing after seeing traction of global giants like Apple’s contract manufacturers, Samsung etc for the scheme in the mobile devices segment.

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According to mobile devices industry body ICEA, India has the potential to scale up its cumulative laptop and tablet manufacturing capacity to over Rs 7 lakh crore by 2025 through policy interventions.

Scaling up laptop and tablet PC manufacturing can take the share of India in the global market to 26 per cent from 1 per cent at present.