The Federal Open Market Committee (FOMC) announced on July 29, Eastern Time, that it would keep the target range for the federal funds rate unchanged at 3.50% to 3.75%.This marks the fifth consecutive meeting since 2026 at which the Fed has kept rates unchanged. Following the announcement, the market reacted sharply: the yield on the 10-year U.S. Treasury note briefly plummeted, spot gold surged by more than 1.2%, the Nasdaqs Index turned higher, while the S&P 500 and Dow Jones Industrial Average fell.