Fed Holds Rates Steady Amid Hawkish Dissent

The Federal Reserve held interest rates steady at 3.50%-3.75% on July 29, with nine committee members voting to keep policy unchanged.

Three regional bank presidents - Beth Hammack of Cleveland, Neel Kashkari of Minneapolis, and Lorie Logan of Dallas - voted in favor of a 25-basis-point hike, the most hawkish dissent under Chair Kevin Warsh's tenure.

Markets had priced a roughly 65% probability of a hold ahead of the announcement, but Bitcoin (BTC) dipped briefly to $63,890 and Ethereum (ETH) fell by about 1% to just above $1,900 in response to the decision.