The Federal Reserve held interest rates unchanged at its July 29, 2026 meeting, the second presided over by Chairman Kevin Warsh. The decision was widely expected, and all eyes turned to Warsh’s press conference for clues on future policy. Bitcoin remained stuck near $60,000 as analysts debated whether a lasting bottom was forming.
Equity markets diverged: the Dow Jones Industrial Average rose 537 points, while the Nasdaq fell as semiconductor stocks sold off sharply, with Micron and AMD both dropping more than 8%. Oil prices tumbled after Iran discussed the Strait of Hormuz with Saudi Arabia and Oman, easing broader market pressure.
Warsh, like his predecessor Jerome Powell, has repeatedly stressed the importance of controlling inflation, though some investors believe he has adopted an even tougher stance. Despite earlier expectations of rate cuts during the Trump-appointed chair’s tenure, market pricing now suggests the central bank could raise rates by the end of the year. Michael Reynolds, Vice President of Investment Strategy at Glenden, noted “a significant degree of continuity between the two chairmen.”
Notably, former President Trump — who frequently criticized Powell for not cutting rates fast enough — has ceased his attacks on the Fed since Warsh took over. Bitcoin’s initial reaction was muted, reflecting the wait-and-see mood ahead of Warsh’s upcoming remarks.
