On July 29 the Federal Reserve maintained its benchmark interest rate in the 3.50-3.75 percent range while three FOMC members dissented in favor of a quarter-point increase. Major equity indexes fell, with the S&P 500 reaching a one-month low and the Nasdaq 100 dropping 2.1 percent. Inflation has remained above the Fed's target for more than five years, recently accelerating due to Middle East conflict effects on fuel and food prices.