Fed meets 28 and 29 July; markets expect the rate to stay in the 3.5% to 3.75% range

The US Federal Open Market Committee (FOMC) holds its July meeting on Tuesday and Wednesday, 28 and 29 July 2026 (6 and 7 Mordad 1405), with the interest rate decision due on Wednesday, 29 July at 14:00 US Eastern time. The Federal Reserve chair's press conference follows half an hour later.

The Fed has held the federal funds target rate in the 3.5 to 3.75 percent range through several consecutive meetings in 2026, citing inflation that remains above the 2 percent personal consumption expenditures target. According to Anadolu Agency, markets expect the rate to be left unchanged at this meeting, with the effect of gradually easing inflation offset by renewed energy-price risk tied to tensions in West Asia. This is a meeting without an update to economic projections, so no new dot plot will be published.

US monetary policy matters for Iran's markets because the path of the Fed's rate affects the dollar index and the global gold price, and those two set a significant part of the gold ounce and, in turn, gold and coin prices in the Tehran market. The gold ounce stood at $4,053 on Sunday, 4 Mordad 1405.