Warsh's First Test: Will Rates Hold or Surprise Crypto Markets?

The Federal Reserve's upcoming two-day policy meeting on July 28-29 is unlikely to result in a rate hike, according to market expectations. The target range for the federal funds rate has been at 3.50%-3.75% since June 17, and most traders and economists predict that it will remain unchanged.

However, despite the low probability of a rate hike, crypto markets are paying close attention to the meeting. Kevin Warsh, the relatively new Fed Chair who took over from Jerome Powell on May 22, is set to preside over his second FOMC meeting.

Warsh's press conference following the meeting will be closely watched for any hints about the Fed's future trajectory. The rate decision and press conference are scheduled for 2:00 p.m. ET on July 29. Despite a rate hold being neutral for digital assets, Warsh's ascension to the chair introduces a new variable that crypto traders need to consider.