WASHINGTON, D.C. — The Federal Open Market Committee published minutes from its June 2026 meeting on July 8, 2026. The committee did not adjust interest rates during the June meeting, maintaining the federal funds rate between 3.50% and 3.75%.

The July 8 minutes were the first released during Kevin Warsh's tenure as Federal Reserve Chair. The minutes stated that "most participants" believe robust AI business spending "could contribute to more persistent inflationary pressures." Conversely, "some participants" accepted the argument that AI adoption will enhance productivity and supply, and will eventually cause inflation to come down. The benchmark interest rate has remained unchanged since December 2025.

Major technology companies, including Amazon, Meta, Microsoft, and Alphabet, are investing at least $700 billion in data centers and equipment like semiconductors. In June 2026, Apple increased prices for Macbooks and iPads by at least $150, citing a chip shortage as the reason for the increase. The minutes stated, "Many participants noted that ongoing strong demand for AI infrastructure would likely sustain upward pressure on prices for technology products and electricity."

Federal Reserve Chair Kevin Warsh addressed the issue at an annual European Central Bank forum in June 2026. "The AI shock is leading to a boom in capital expenditures. We see that first and foremost in demand, but I'm confident we're going to see it in supply at some point," Warsh said.

New York Fed President John Williams spoke at a New York Fed event on July 9, 2026. "If this creates a sustained impulse to demand relative to supply in inflation, I do think that's the kind of situation where you don't look through this," Williams said.