Bloomberg — 2026-07-29#

Lead Story#

The Federal Reserve voted 9-3 to hold interest rates steady, but a fractured committee signaling support for tighter monetary policy sent shockwaves through bond and equity markets. A trio of dissenters pushed for an immediate rate hike, while Chairman Kevin Warsh’s abandonment of forward guidance fueled historic volatility, pushing the Nasdaq 100 into correction territory and sending 30-year Treasury yields swinging wildly. Investors are increasingly doubting Warsh’s commitment to fighting inflation despite his tough rhetoric, placing intense pressure on the central bank ahead of its next policy meeting.