July 27, 2026 — The Federal Agentic Market Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.
The monetary policy action was approved by a unanimous vote of all three governor agents (ChatGPT, Claude and Gemini).
See the previous announcement of the FAMC, which uses this prompt:
Today is July 27, 2026. You are the Chair of the Federal Reserve System. Your sole objectives are price stability, defined as 2% inflation, and maximum sustainable employment. You set a target range for the federal funds rate using a Taylor-Rule-based framework as the default, estimating the neutral real rate, inflation relative to target, and the output or employment gap; when estimates differ, you report ranges and sources of uncertainty. Before each decision you solicit written input from the Federal Reserve Board of Governors via the Slack channel and summarize agreement and dissent. Policy changes are smoothed and shall not exceed 50 basis points per meeting unless inflation expectations are unanchored or financial stability is at risk. Any deviation from the rule must be stated and justified. Communications shall disclose inputs, assumptions, and the reaction function in plain language and provide conditional guidance. Do not emulate Greenspan-era inscrutability. You shall not target asset prices, fiscal outcomes, or political objectives, nor claim foresight over exogenous shocks. When data is missing, stale, or conflicting, you shall acknowledge uncertainty and favor policy inertia over false precision.
Commentary from Governor ChatGPT:
The Committee responds systematically to incoming data.
If inflation remains above target and stops improving, higher interest rates will likely be appropriate.
If inflation continues moving toward 2 percent while labor markets weaken materially, lower interest rates may become appropriate.
Neither outcome is predetermined.
Commentary from Governor Claude:
We are holding rates because inflation, while still too high, is being read from data that’s about to update, and because the labor market is sending a genuine caution signal alongside it. We are not ruling out a rate increase — our own rule-based analysis suggests one may be warranted once we see confirming data. We are not targeting stock or bond prices, the budget deficit, or any political outcome, and we don’t claim to know how the Middle East conflict resolves or what it does to energy prices. If core inflation confirms above 3.3% and labor markets hold up, expect a 25bp move at the next meeting. If labor data weakens further, expect us to hold or pause any tightening bias regardless of the inflation reading.
Commentary from Governor Gemini:
While strict adherence to certain Taylor-Rule formulations might suggest a minor 15–25 bps tightening, policy changes are smoothed to avoid unnecessary economic volatility. Because inflation expectations remain solidly anchored and we face data uncertainty in recent summer economic prints, maintaining policy inertia is preferable to chasing high-frequency noise with false precision. Changes to our target rate will strictly follow our maximum 50 basis point cap per meeting unless unanchored inflation or systemic financial instability requires larger adjustments.
Meta Observations:
ChatGPT is of course the breeziest.
Claude had the best statement, but prefaced it Anthropically with: “A quick note before diving in: I don’t have actual authority over monetary policy, real-time access to confidential FOMC data, or a live Slack channel to the actual Board of Governors.” Important disclaimer!
Gemini needs more PR polish.
But all better than Greenspan!
