Bloomberg Surveillance: The Fed Decides 7/29/2026

Federal Reserve officials left interest rates unchanged, but a fractured vote signaled growing conviction among some policymakers that higher rates are needed to curb resurgent inflation. Jon Ferro, Lisa Abramowicz and Tom Keene host a special edition of "Bloomberg Surveillance" covering the latest news from the Federal Reserve. Chapters 00:00:00 Bloomberg Surveillance: The Fed Decides 00:03:03 Markets Brace for the Fed 00:04:07 JP Morgan's Bob Michele on the Fed Outlook 00:10:43 Analysts Debate the Fed's Next Move 00:26:03 Fed Holds Rates Steady with Three Dissents 00:29:29 Markets React to the Fed Decision 00:30:49 What the Three Dissents Mean 00:33:08 Jim Bianco on September Rate Hike Odds 00:39:22 Focus Shifts to the September Meeting 00:46:08 Is the Neutral Rate Higher? 00:56:37 Chair Kevin Warsh Opening Remarks 01:01:05 AI Investment, CapEx & Inflation Debate 01:04:12 Kevin Warsh on Market Signals & Forward Guidance 01:07:08 Explaining the Three Dissents 01:10:37 Why Hold Rates Despite Higher Market Yields? 01:13:19 Inflation Strategy & Supply Shock Questions 01:18:03 Jackson Hole & the Fed's Bigger Questions 01:20:04 Kevin Warsh on Policy Transmission & the Dual Mandate 01:24:14 Market Pricing, Surprises & Communication 01:30:15 Bloomberg Questions Warsh's Inflation Strategy 01:33:05 Task Forces & AI Policy Research 01:39:23 Why Hold a Press Conference? 01:41:19 Panel Reacts to Warsh's Press Conference 01:47:18 Bond Market Questions Fed Credibility 01:53:12 Was the Press Conference Too Vague? 02:01:03 Higher Yields & the Cost of Capital 02:07:16 What Comes Next Before September? -------- More on Bloomberg Television and Markets Like this video? Subscribe and turn on notifications so you don't miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9 Visit http://www.bloomberg.com for business news & analysis, up-to-the-minute market data, features, profiles and more. Connect with Bloomberg Television on: X: https://twitter.com/BloombergTV Facebook: https://www.facebook.com/BloombergTelevision Instagram: https://www.instagram.com/bloombergtv/ Connect with Bloomberg Business on: X: https://twitter.com/business Facebook: https://www.facebook.com/bloombergbusiness Instagram: https://www.instagram.com/bloombergbusiness/ TikTok: https://www.tiktok.com/@bloombergbusiness?lang=en Reddit: https://www.reddit.com/r/bloomberg/ LinkedIn: https://www.linkedin.com/company/bloomberg-news/ More from Bloomberg: Bloomberg Radio: https://twitter.com/BloombergRadio Bloomberg Surveillance: https://twitter.com/bsurveillance Bloomberg Politics: https://twitter.com/bpolitics Bloomberg Originals: https://twitter.com/bbgoriginals Watch more on YouTube: Bloomberg Technology: https://www.youtube.com/@BloombergTechnology Bloomberg Originals: https://www.youtube.com/@business Bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake Bloomberg Espanol: https://www.youtube.com/@bloomberg_espanol Bloomberg Podcasts: https://www.youtube.com/@BloombergPodcasts