On July 29, the Federal Reserve made an announcement regarding its decision on interest rates after its two-day policy meeting. As anticipated, the central bank opted to maintain the benchmark interest rate within the 3.50%-3.75% range.
Kevin Warsh, the newly appointed chair of the Fed, has been vocal about the objective of reducing inflation to 2%, although a detailed plan has not been outlined. President Donald Trump has shown support for Warsh, describing him as “fantastic” and advocating for lower rates. He criticized other Fed officials as “very political” with potentially malicious intentions, emphasizing the importance of having the lowest interest rates globally, as it was thirty years ago.
Despite Trump’s stance, the Warsh-led FOMC committee ultimately decided to keep rates unchanged at this time.
In response to the FOMC’s interest rate decision, Bitcoin (BTC) and XRP were trading at $64,268.33 and $1.08 respectively. Ethereum (ETH) and Solana (SOL) were priced at $1,917.43 and $73.97. The Crypto Fear & Greed Index by CoinGlass was at 28, indicating “Fear” among crypto traders, although sentiment has improved following weeks of “Extreme Fear.”
This article was originally published by TheStreet on July 29, 2026, and first appeared in the Federal Reserve & FOMC News section. For more related content, visit TheStreet as a Preferred Source by clicking here.
