The three FOMC members who dissented in favor of a rate hike at the July 2026 meeting were Beth Hammack of the Cleveland Fed, Lorie Logan of the Dallas Fed, and Neel Kashkari of the Minneapolis Fed.

Minneapolis Fed President Neel Kashkari believes current inflation is not being driven by wages, but by supply dynamics and massive investment in data centers.

Minneapolis Fed President Neel Kashkari stated that in June he changed his forecast from one rate cut to one rate hike by the end of the year.