The Federal Reserve kept its federal funds rate unchanged at 3.5%-3.75% at the July 29 FOMC meeting, marking the fifth consecutive meeting without a change. Three members dissented, voting for a 25 basis point hike. Inflation remains above the Fed’s 2% target, with supply shocks in energy markets, exacerbated by Middle East tensions, keeping prices elevated. Bitcoin modestly retreated 0.17% from around $64,000 to approximately $63,890, while Ethereum declined about 1%. The September FOMC meeting will be the next critical waypoint, with the committee having two more months of inflation data by then.
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