FOMC minutes (July 28–29, 2026): details on policymakers’ discussion of the policy outlook

The Federal Reserve published the minutes of the Federal Open Market Committee meeting held on July 28–29, 2026. Minutes provide a record of the discussion among Committee participants, including how they viewed current economic conditions and the implications for the appropriate stance of monetary policy.

For FX traders, the value of the minutes is not simply that they confirm the decision already reflected in the accompanying statement, but that they often reveal the internal balance of views. The minutes can help clarify which developments policymakers considered most informative about inflation dynamics, labor market conditions, and overall activity, and how participants thought about the persistence of risks.

Because the minutes are a dialogue rather than a single message, they can also show differences in emphasis—for example, whether participants were more focused on near-term data movements or on whether restrictive policy is working through to inflation. That nuance can shape how markets update expectations between scheduled communications.

What to watch next is the degree to which subsequent Fed speeches, testimony, and the next set of meeting materials align with the themes implied in these minutes. If later communication reinforces the same sensitivities discussed here, it tends to strengthen the link between new data and the perceived policy reaction function for USD.