The Federal Reserve kept interest rates in the 3.5%-3.75% range at the July 29 FOMC meeting, with a 9-3 vote in favor of holding. Three officials dissented by voting for a rate hike, as inflation remains above the 2% target for more than five years. Chairman Kevin Warsh, who took office in May 2026, defended the decision as a deliberate strategic choice rather than inaction. This marks the fifth consecutive rate hold following three cuts in late 2025. The higher-for-longer rate environment weighs on speculative assets like Bitcoin by increasing the opportunity cost of holding volatile, non-yielding assets.
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