The Federal Reserve concluded its two-day policy meeting on July 29 by keeping its benchmark interest rate unchanged within the 3.50%-3.75% range. The decision came despite external pressure from the Trump administration, which has vocally advocated for lower rates.
Federal Reserve Chair Kevin Warsh, recently appointed to lead the central bank, has prioritized reducing inflation to the 2% target. However, the chair has not yet presented a comprehensive strategy for achieving this goal. President Trump publicly praised Warsh as “fantastic” and expressed confidence in his intentions, while simultaneously criticizing other Federal Reserve officials as “very political” with potentially “bad intentions.” Trump stated that the United States should maintain “the lowest interest rate in the world, like it used to be 30 years ago,” underscoring his preference for monetary easing.
Despite the administration’s position, the Federal Open Market Committee voted to maintain the current rate level. The decision reflected the committee’s assessment of economic conditions at the time of the announcement.
Crypto markets reacted to the rate announcement with various asset movements. Bitcoin traded at $64,268.33, while XRP was priced at $1.08. Ethereum and Solana were trading at $1,917.43 and $73.97 respectively. The Crypto Fear & Greed Index registered at 28, indicating “Fear” sentiment among traders. Market observers noted that while fear sentiment persisted, conditions had improved from the “Extreme Fear” levels recorded in previous weeks.
Article Attribution | Read More at Article Source
Article summary produced by Claude AI