Federal Reserve holds interest rates steady for fifth straight meeting as inflation refuses to cooperate

The Federal Reserve kept its foot on the brake again. On July 29, the FOMC voted to hold the federal funds rate at 3.5%-3.75%, the fifth consecutive meeting without a change. Three officials wanted to go the other direction and hike rates by 25 basis points. That 9-3 vote split reflects the internal tension at the Fed right now. The inflation problem that won’t quit Inflation is still running above the Fed’s 2% target, and supply shocks in energy markets, driven largely by geopolitical tensions in the Middle East, keep adding pressure. Chair Kevin Warsh has made his position crystal clear. He’s committed to a strict 2% inflation target with no soft thresholds. The rate has been parked at this level since January 2026, following a series of three rate cuts totaling 75 basis points in the final quarter of 2025. What crypto markets did (and didn’t do) Bitcoin was trading near $64,000 before the announcement and dipped to approximately $63,890 afterward. That’s roughly a 0.17% move. Ethereum declined about 1% alongside Bitcoin’s modest retreat. The broader economic picture The FOMC’s own assessment points to strong productivity, stable labor markets, and generally healthy economic acti...