Review: FOMC Leaves Rates Unchanged, With Two Dissenters

by Brunello Rosa and Nato Balavadze

In this paper we discuss:

• The state of the US economy, whose core is slowing down;
• The Fed’s decision to leave rates unchanged today, with two dissenters in the FOMC for the first time in decades; 
• The two dissenters are the two candidates voiced to possibly replace Powell in May 2026; 
• That the economy has performed broadly in line with the SEP released in June; and 
• The muted market reaction to the Fed’s decision today, which was widely expected. 

Download PDF: Fed Review July 2025