🚨 FED HOLDS RATES — BUT THE MESSAGE IS HAWKISH 🇺🇸 Key takeaways from Fed Chair Kevin Warsh after the July FOMC: • Rates unchanged at 3.50%–3.75% • Vote split 9–3 • 3 officials wanted a 25 bps RATE HIKE • Inflation remains above the Fed’s 2% target • Warsh: “There is no soft inflation target” — 2% remains the goal • U.S. economy continues to show strong resilience • Labor market remains stable • Business & AI investment remains strong • Fed is reducing forward guidance and becoming more data-dependent • Warsh says markets should “play the ball, not the referee” Bottom line: No hike today, but the Fed is clearly NOT declaring victory over inflation. Higher-for-longer risk remains on the table — and incoming inflation + labor data will be critical for the next move. $BTC $ETH $GOLD $SPX