Fed Holds Rates Steady: Markets Await Warsh's Next Move ⏳

The Fed holds rates steady for a sixth straight meeting. Morgan Stanley says the 9-to-5 banking day is dying. And Robinhood slides despite an earnings beat.  ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Wednesday, July 29, 2026 Fed holds rates steady, extending pause as markets await Kevin Warsh's policy roadmap The Federal Reserve left its benchmark rate unchanged at 3.50%–3.75% on Wednesday, extending its pause for a sixth consecutive meeting as policymakers continue to wrestle with inflation running above the 2% target. Three committee members dissented, preferring a 25 basis point hike, while nine voted to hold. The decision came against an unusually uncertain backdrop — futures markets had priced in roughly a 35% chance of a hike, a split rarely seen in recent years. Bitcoin climbed above $64,400 and the S&P 500 trimmed earlier losses following the announcement. Gold rose 1.2%. Attention now shifts to Chair Kevin Warsh's post-meeting press conference: Warsh has openly questioned the Fed's traditional reliance on forward guidance and the dot plot, and markets are watching closely for signals that the central bank's communication strategy is changing under his leadership. Read more → A message from Bullish The standard for institutional crypto trading.   The only NYSE-listed crypto exchange, regulated by NYDFS, HKSFC, Bafin, and GFSC. Built for institutional trading, on the infrastructure regulated markets require.   One global order book, open 24/7, serving institutions in 50+ jurisdictions, with deep liquidity that holds in volatile markets.   Top 3 for BTC and ETH volume among the exchanges in the CME CF benchmarks. (CoinDesk Data)   Not investment advice. Digital assets and related products are high risk. Visit bullish.com/legal for more important information and risk warnings. Learn more about Bullish Markets Morgan Stanley execs admit the traditional 9-to-5 banking day is officially dying The financial industry is moving toward a world where markets never close, payments settle in real time, and investors expect around-the-clock access — and Morgan Stanley executives say tokenization is the engine driving that shift. Speaking at a digital assets panel, global head of banks research Betsy Graseck declared the "batch processing mentality" a thing of the past: "This is the end of banker hours." Investment strategist Denny Galindo predicted that tokenized money market funds and stocks — which have expanded rapidly in 2026 — will be many investors' first real encounter with blockchain technology, likely before they ever buy crypto directly. The firm is already putting that thesis into practice, having launched spot BTC, ETH, and SOL trading on E*TRADE and a trio of crypto ETFs this year. ETF strategy head Ali Wallace pointed to multi-currency, multi-product funds as the next frontier, while Graseck warned that firms not modernizing their financial rails risk being left behind as flows shift to digital asset infrastructure. Read more → Markets Robinhood slides 4% despite earnings beat as crypto revenue cools Robinhood topped Wall Street's Q2 expectations — adjusted EPS of $0.62 vs. the $0.43 estimate, record revenue of $1.31 billion — but its stock fell about 4% in after-hours trading. The culprit: crypto revenue dropped 38% year over year to $100 million, offset by stronger activity in options, equities, and prediction markets. The quarter was also one of Robinhood's biggest product pushes in years: the company launched Robinhood Chain, a blockchain network supporting tokenized U.S. stocks for European customers, and unveiled Agentic Trading, a set of AI tools that let users automate investing through third-party AI assistants while keeping manual controls in place. Tokenized equities like GameStop, Nvidia, and SpaceX have emerged among the chain's most actively traded real-world assets. Analysts will now closely watch Coinbase's Q2 results on Thursday for a read on whether Robinhood's crypto slowdown is industry-wide or company-specific. Read more → Know someone who should be reading this? Share this newsletter See all of CoinDesk’s newsletters    CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York,NY,10011,USA, Unsubscribe Manage Preferences   Copyright © 2026 CoinDesk, All rights reserved.