The minutes: the hike case was wider than the three votes
Minutes of the July 28–29, 2026 FOMC meeting, released August 19. They record who argued what behind the 9–3 hold.
From the minutes
“In their consideration of monetary policy at this meeting, most participants supported maintaining the current target range for the federal funds rate… Several participants favored an increase of 25 basis points in the target range at this meeting. These participants remarked that price pressures appeared broad based and judged that the Committee should adopt a more restrictive policy stance to meet its commitment to achieving its price-stability and maximum-employment goals on a sustained basis.”
“Many participants assessed that policy tightening would likely be necessary if inflation did not decline… A few of the participants who favored raising the target range for the federal funds rate at this meeting judged that doing so would likely help forestall the need for a steeper and potentially more costly sequence of tightening moves at a later stage.”
“Voting against this action: Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting.”
Full text: federalreserve.gov
What this record is: the Committee's own account of its discussion, released three weeks after the decision. Note the vocabulary: “several” participants wanted a hike, but only three of the twelve voters formally dissented; participants include regional presidents who do not vote this year. For the decision itself and the coverage checked against it, read the event page and the companion statement record.
How we checked this
The quotes above were captured directly from the Federal Reserve's website and compared word-for-word against the published minutes. The source page was saved at capture time so the record stays verifiable even if the page changes. Details of our process are on the methodology page.