{"id":12947,"date":"2026-07-29T17:55:30","date_gmt":"2026-07-29T17:55:30","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=12947"},"modified":"2026-07-29T21:02:39","modified_gmt":"2026-07-29T21:02:39","slug":"fed-remains-on-pause-despite-rising-uncertainty","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fed-remains-on-pause-despite-rising-uncertainty\/","title":{"rendered":"FOMC Recap: Fed remains on pause despite rising uncertainty"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<p class=\"wp-block-paragraph\">The FOMC held interest rates steady in the June meeting \u2013 as was widely expected. But the decision this month comes with a growing concern about inflation\u2019s trajectory. Three members voted against the decision to maintain the target range and indicated a preference to increase interest rates at this meeting. Indeed, the conflict in the Middle East was again cited as contributing to the elevated uncertainty facing the economy. And, while it only received a passing reference, the introduction of a new round of tariffs presents another risk to the persistent inflation backdrop that will weigh on the Fed. Importantly, the Fed continues to emphasize a focus on getting inflation back to its 2% target, suggesting a growing probability that hikes could be delivered before year end. Clearly, Chair Warsh\u2019s comments in the press conference suggest that rate hikes cannot be ruled out:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cIf you were to try to force a description that this was a pause, I would say financial market prices would take the other side of that. Financial market prices, in this intervening period, they didn&#8217;t pause. They reacted to the inflation data in one direction, strong economic growth in the other direction, and nominal and real rates went up. Did the Fed take an explicit change in its policy rate today? No, but I think that&#8217;s the beginning of the story, not the end of the story.\u201d<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As the Fed heads into the second half of the year and assesses if, and, or when to hike rates, we expect the Fed will be faced with the reality of inflation as a persistent issue.<\/p>\n\n\n\n<h4 id=\"h-a-false-sense-of-security-on-the-path-of-inflation-ahead\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-2e16f804a460fae0b1fdc89f7185dd1e\">A false sense of security on the path of inflation ahead<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">While <a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-cpi-one-month-buys-the-fed-time-but-it-doesnt-buy-a-trend\/\"><\/a><a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-cpi-one-month-buys-the-fed-time-but-it-doesnt-buy-a-trend\/\" target=\"_blank\" data-dig-id=\"LP-U.S.Analysis-DataFlashes-US-12947-5c824fa6\" data-dig-category=\"LP-U.S.Analysis-DataFlashes-US\" data-dig-action=\"link click\" data-dig-label=\"June offered a short reprieve on CPI\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">June offered a short reprieve on CPI<\/a> and PPI data, if Chair Warsh is stressed about inflation now, we expect that he\u2019s likely to feel the pressure heightened further in the coming months. The re-escalation of the conflict in the Middle East coupled with the introduction of new tariffs means we are unlikely to see a trend of deflationary pressures ahead. Our own outlook for core CPI is that it remains bound in the 2.6-2.8% range through year-end, but with upside risks. If we\u2019re correct, the Fed will be battling another year of core inflation above its 2% target.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Apart from uncooperative month over month inflation data, the Fed is facing two challenges in assessing the inflation signal from the noise:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">First, <a href=\"https:\/\/royalbank-my.sharepoint.com\/personal\/michael_reid_rbccm_com\/Documents\/With%20the%20labor%20market%20on%20solid%20footings,%20many%20consumers%20are%20able%20to%20keep%20up,%20but%20certainly%20not%20all.%20Consumer%20sentiment%20remains%20near%20record%20lows,%20and%20a%20growing%20divergence%20in%20the%20K-shaped%20economy%20suggests%20a%20growing%20share%20of%20consumers%20are%20falling%20behind%20on%20inflation.\"><\/a><a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/deep-dive-how-to-monitor-us-inflation-in-2026\/\" target=\"_blank\" data-dig-id=\"LP-U.S.Analysis-DataFlashes-US-12947-5c824fa6\" data-dig-category=\"LP-U.S.Analysis-DataFlashes-US\" data-dig-action=\"link click\" data-dig-label=\"inflationary pressures are broad\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">inflationary pressures are broad<\/a> and exist beyond the sectors that are being impacted by the conflict in the Middle East as well as tariffs. Nearly 40% of the CPI basket is seeing price increases above 3% y\/y, including many services and most of the items that consumers buy regularly including food, rent, electricity, and childcare.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Second, the Fed needs to contend with structural supply-side pressures on inflation and what type of inflation best merits a monetary policy response. Chair Warsh flagged one of these in particular: the insatiable demand for AI investment, a trend that is unlikely to retreat in the coming months.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As Chair Warsh noted:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201c<em>The most striking feature of the economy is the strong growth of business investment.&nbsp; The surge in high-tech Capex has been remarkable but that does not necessarily make the fed&#8217;s role any easier<\/em>.\u201d<\/p>\n\n\n\n<h4 id=\"h-consumers-still-experiencing-price-level-concerns\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-1d8f0c306bdd984d1ba89445d1c0e222\">Consumers still experiencing price level concerns<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, consumers aren\u2019t likely assessing their cost of living pressures by the year-over-year changes, but by the price-level increase that has hit them since the pandemic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the pace of inflation has slowed this year, prices are up nearly 30% since January 2020. Consumer staples including food and rent are up 34% and 33% respectively over the same period. More recently, oil prices reversed course \u2013 they are up nearly 5% since the June meeting and risk gas prices hovering around that psychologically important $4 per gallon level.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With the labor market on solid footings, many consumers have been able to keep up, but certainly not all. Consumer sentiment remains near record lows, and a growing divergence in the <a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/how-household-wealth-is-helping-drive-consumption-in-the-us\/\"><\/a><a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/how-household-wealth-is-helping-drive-consumption-in-the-us\/\" target=\"_blank\" data-dig-id=\"LP-U.S.Analysis-DataFlashes-US-12947-5c824fa6\" data-dig-category=\"LP-U.S.Analysis-DataFlashes-US\" data-dig-action=\"link click\" data-dig-label=\"K-shaped economy\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">K-shaped economy<\/a> suggests a growing share of consumers are falling behind on inflation. Indeed, the FOMC remains focused on bringing inflation back to its target, but acknowledges the long road ahead:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201c<em>Not one of my FOMC colleagues is under any illusion.&nbsp; 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<\/em>.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If it\u2019s truly the case that the FOMC is concerned about the inflation past and future, then new Fed Chair Warsh is going to have to spend the next few FOMC meetings addressing why he remains so committed to addressing inflation, which is clearly problematic\u2026 by keeping monetary policy on hold.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<h5 id=\"h-oil-price-volatility-remains-a-key-risk-to-the-inflation-outlook\" class=\"wp-block-heading has-rbc-dark-blue-color has-text-color has-link-color wp-elements-e6b19ccc04991c12477eedf90814314f\"><strong>Oil price volatility remains a key risk to the inflation outlook<\/strong><\/h5>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a6add3ba6828&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a6add3ba6828\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"624\" height=\"468\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/FedJul29-Notable-changes.png\" alt=\"\" class=\"wp-image-13431\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/FedJul29-Notable-changes.png 624w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/FedJul29-Notable-changes.png?resize=300,225 300w\" sizes=\"auto, (max-width: 624px) 100vw, 624px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>About the authors:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Mike Reid<\/strong>&nbsp;is Head of US Economics at RBC. He is responsible for generating RBC\u2019s US economic outlook, providing commentary on macro indicators, and producing written analysis around the economic backdrop.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Carrie Freestone<\/strong>&nbsp;is a Senior US Economist at RBC. She is responsible for generating RBC\u2019s US economic forecasts across GDP, employment, and inflation, and providing macro commentary through publications, presentations, and the media.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Imri Haggin<\/strong>&nbsp;is an&nbsp;US<\/em>&nbsp;<em>Economist at RBC, where he focuses on thematic research. His prior work has centered on consumer credit dynamics and treasury modeling, with an emphasis on leveraging data to understand behavior.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":345,"featured_media":12948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","editor_notices":[],"footnotes":"","jetpack_post_was_ever_published":false},"categories":[85,81],"tags":[11,118,65,110],"rbc_econ_content_type":[],"class_list":["post-12947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us-data-flashes","category-us-analysis","tag-economy","tag-fed","tag-inflation","tag-u-s"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FOMC Recap: Fed remains on pause despite rising uncertainty - RBC Economics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fed-remains-on-pause-despite-rising-uncertainty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FOMC Recap: Fed remains on pause despite rising uncertainty\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fed-remains-on-pause-despite-rising-uncertainty\/\" \/>\n<meta property=\"og:site_name\" content=\"RBC Economics\" \/>\n<meta property=\"article:published_time\" content=\"2026-07-29T17:55:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-29T21:02:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/US-compressed-1.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"2047\" \/>\n\t<meta property=\"og:image:height\" content=\"1235\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"kaisneffati\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"kaisneffati\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/fed-remains-on-pause-despite-rising-uncertainty\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/fed-remains-on-pause-despite-rising-uncertainty\\\/\"},\"author\":{\"name\":\"kaisneffati\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/#\\\/schema\\\/person\\\/061031173a499f8d460b09eea9d4e792\"},\"headline\":\"FOMC Recap: Fed remains on pause despite rising uncertainty\",\"datePublished\":\"2026-07-29T17:55:30+00:00\",\"dateModified\":\"2026-07-29T21:02:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/fed-remains-on-pause-despite-rising-uncertainty\\\/\"},\"wordCount\":921,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/fed-remains-on-pause-despite-rising-uncertainty\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/07\\\/US-compressed-1.webp\",\"keywords\":[\"Economy\",\"Fed\",\"Inflation\",\"U.S.\"],\"articleSection\":[\"Data Flashes - US\",\"U.S. Analysis\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/fed-remains-on-pause-despite-rising-uncertainty\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/fed-remains-on-pause-despite-rising-uncertainty\\\/\",\"url\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/fed-remains-on-pause-despite-rising-uncertainty\\\/\",\"name\":\"FOMC Recap: Fed remains on pause despite rising uncertainty - RBC Economics\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/fed-remains-on-pause-despite-rising-uncertainty\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/fed-remains-on-pause-despite-rising-uncertainty\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/07\\\/US-compressed-1.webp\",\"datePublished\":\"2026-07-29T17:55:30+00:00\",\"dateModified\":\"2026-07-29T21:02:39+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/#\\\/schema\\\/person\\\/061031173a499f8d460b09eea9d4e792\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/fed-remains-on-pause-despite-rising-uncertainty\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/fed-remains-on-pause-despite-rising-uncertainty\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/fed-remains-on-pause-despite-rising-uncertainty\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/07\\\/US-compressed-1.webp\",\"contentUrl\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/07\\\/US-compressed-1.webp\",\"width\":2047,\"height\":1235},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/fed-remains-on-pause-despite-rising-uncertainty\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FOMC Recap: Fed remains on pause despite rising uncertainty\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/#website\",\"url\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/\",\"name\":\"RBC Economics\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/#\\\/schema\\\/person\\\/061031173a499f8d460b09eea9d4e792\",\"name\":\"kaisneffati\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8dfa5a83dce373612cea121f54033bdd16db8210d39e32409f339a955c0ceb71?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8dfa5a83dce373612cea121f54033bdd16db8210d39e32409f339a955c0ceb71?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8dfa5a83dce373612cea121f54033bdd16db8210d39e32409f339a955c0ceb71?s=96&d=mm&r=g\",\"caption\":\"kaisneffati\"},\"url\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/author\\\/kaisneffati\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"FOMC Recap: Fed remains on pause despite rising uncertainty - RBC Economics","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fed-remains-on-pause-despite-rising-uncertainty\/","og_locale":"en_US","og_type":"article","og_title":"FOMC Recap: Fed remains on pause despite rising uncertainty","og_url":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fed-remains-on-pause-despite-rising-uncertainty\/","og_site_name":"RBC Economics","article_published_time":"2026-07-29T17:55:30+00:00","article_modified_time":"2026-07-29T21:02:39+00:00","og_image":[{"width":2047,"height":1235,"url":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/US-compressed-1.webp","type":"image\/webp"}],"author":"kaisneffati","twitter_card":"summary_large_image","twitter_misc":{"Written by":"kaisneffati","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fed-remains-on-pause-despite-rising-uncertainty\/#article","isPartOf":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fed-remains-on-pause-despite-rising-uncertainty\/"},"author":{"name":"kaisneffati","@id":"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/061031173a499f8d460b09eea9d4e792"},"headline":"FOMC Recap: Fed remains on pause despite rising uncertainty","datePublished":"2026-07-29T17:55:30+00:00","dateModified":"2026-07-29T21:02:39+00:00","mainEntityOfPage":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fed-remains-on-pause-despite-rising-uncertainty\/"},"wordCount":921,"commentCount":0,"image":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fed-remains-on-pause-despite-rising-uncertainty\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/US-compressed-1.webp","keywords":["Economy","Fed","Inflation","U.S."],"articleSection":["Data Flashes - US","U.S. Analysis"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fed-remains-on-pause-despite-rising-uncertainty\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fed-remains-on-pause-despite-rising-uncertainty\/","url":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fed-remains-on-pause-despite-rising-uncertainty\/","name":"FOMC Recap: Fed remains on pause despite rising uncertainty - RBC Economics","isPartOf":{"@id":"https:\/\/www.rbc.com\/en\/economics\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fed-remains-on-pause-despite-rising-uncertainty\/#primaryimage"},"image":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fed-remains-on-pause-despite-rising-uncertainty\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/US-compressed-1.webp","datePublished":"2026-07-29T17:55:30+00:00","dateModified":"2026-07-29T21:02:39+00:00","author":{"@id":"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/061031173a499f8d460b09eea9d4e792"},"breadcrumb":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fed-remains-on-pause-despite-rising-uncertainty\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fed-remains-on-pause-despite-rising-uncertainty\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fed-remains-on-pause-despite-rising-uncertainty\/#primaryimage","url":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/US-compressed-1.webp","contentUrl":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/US-compressed-1.webp","width":2047,"height":1235},{"@type":"BreadcrumbList","@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fed-remains-on-pause-despite-rising-uncertainty\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.rbc.com\/en\/economics\/"},{"@type":"ListItem","position":2,"name":"FOMC Recap: Fed remains on pause despite rising uncertainty"}]},{"@type":"WebSite","@id":"https:\/\/www.rbc.com\/en\/economics\/#website","url":"https:\/\/www.rbc.com\/en\/economics\/","name":"RBC Economics","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rbc.com\/en\/economics\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/061031173a499f8d460b09eea9d4e792","name":"kaisneffati","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/8dfa5a83dce373612cea121f54033bdd16db8210d39e32409f339a955c0ceb71?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/8dfa5a83dce373612cea121f54033bdd16db8210d39e32409f339a955c0ceb71?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8dfa5a83dce373612cea121f54033bdd16db8210d39e32409f339a955c0ceb71?s=96&d=mm&r=g","caption":"kaisneffati"},"url":"https:\/\/www.rbc.com\/en\/economics\/author\/kaisneffati\/"}]}},"author_meta":{"display_name":"kaisneffati","author_link":"https:\/\/www.rbc.com\/en\/economics\/author\/kaisneffati\/"},"featured_img":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/US-compressed-1.webp?quality=80&w=300","jetpack_featured_media_url":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/US-compressed-1.webp","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-analysis\/us-data-flashes\/\" class=\"advgb-post-tax-term\">Data Flashes - US<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-analysis\/\" class=\"advgb-post-tax-term\">U.S. Analysis<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Data Flashes - US<\/span>","<span class=\"advgb-post-tax-term\">U.S. Analysis<\/span>"]},"tags":{"linked":["<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-analysis\/\" class=\"advgb-post-tax-term\">Economy<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-analysis\/\" class=\"advgb-post-tax-term\">Fed<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-analysis\/\" class=\"advgb-post-tax-term\">Inflation<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-analysis\/\" class=\"advgb-post-tax-term\">U.S.<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Economy<\/span>","<span class=\"advgb-post-tax-term\">Fed<\/span>","<span class=\"advgb-post-tax-term\">Inflation<\/span>","<span class=\"advgb-post-tax-term\">U.S.<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 11 hours ago","modified":"Updated 8 hours ago"},"absolute_dates":{"created":"Posted on July 29, 2026","modified":"Updated on July 29, 2026"},"absolute_dates_time":{"created":"Posted on July 29, 2026 5:55 pm","modified":"Updated on July 29, 2026 9:02 pm"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts\/12947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/users\/345"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/comments?post=12947"}],"version-history":[{"count":13,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts\/12947\/revisions"}],"predecessor-version":[{"id":13444,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts\/12947\/revisions\/13444"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/media\/12948"}],"wp:attachment":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/media?parent=12947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/categories?post=12947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/tags?post=12947"},{"taxonomy":"rbc_econ_content_type","embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/rbc_econ_content_type?post=12947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}