Fed held rates steady. How did markets react?

Market reaction:
💵 USD weakened
📉 Treasury yields moved lower after the decision
📊 Stocks turned volatile, with major indices under pressure

Key points:
📊 Fed held rates at 3.50–3.75%
📊 Decision passed by a 9–3 vote
📊 Three officials preferred a 25 bps rate hike
📊 Inflation remains above the Fed's 2% goal

The Fed kept rates unchanged on 29 July, but the 9–3 vote made the hold look hawkish. Markets focused on the three dissents in favour of a rate hike, persistent inflation pressure and the Fed's cautious tone, which drove volatility across USD, Treasuries and equities.

Did the Fed decision match your expectations? Did you trade it live, wait for the press conference or sit this one out? 👇

🚨 High-impact news 🚨

In 1 hour, at 06:30 UTC, the 🇯🇵 Bank of Japan press conference will take place. The BoJ rate decision and monetary policy statement are expected earlier on 31 July, but the exact release time is usually not fixed. Traders will be watching for comments on inflation, wage growth and the future policy path, as any shift in tone may affect JPY volatility.

How are you approaching JPY around the BoJ decision - trading the press conference, waiting for clearer direction or sitting this one out?

BoE held rates steady. How did GBP react?

Market reaction:
💷 GBP edged slightly higher
📉 UK 2-year gilt yield moved lower
📊 FTSE stayed near record highs

Key points:
📊 Bank Rate held at 3.75%
📊 MPC vote: 6–3 to hold
📊 Three members voted for a 25 bps hike
📊 CPI inflation fell to 2.6%, but risks remain tilted to the upside

The Bank of England kept rates unchanged on 30 July, but the vote split looked more hawkish than expected, with three MPC members backing a hike to 4%. The Bank pointed to uncertainty from higher energy prices and Middle East tensions, while saying inflation may rise again later this year even though underlying disinflation signs remain. Sterling edged slightly higher, gilt yields eased and the FTSE held near record highs after the decision.

Was the BoE hold enough to move GBP for you, or did the real signal come from the MPC votes? 👇

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BoJ held rates steady. What happened to JPY?

Market reaction:
🇯🇵 JPY stayed under pressure
📈 USD/JPY moved higher after the decision
⚠️ Traders focused on inflation risks and future hike signals

Key points:
📊 BoJ held rates at 1.00%
📊 Decision was widely expected
📊 One board member voted for a hike to 1.25%
📊 BoJ signalled it may keep raising rates if inflation pressure persists

For traders, the BoJ decision created a mixed setup: the hold was expected, but the hawkish signal kept rate-hike expectations alive. JPY initially had support from suspected intervention, but the move faded after the BoJ stayed cautious, pushing USD/JPY back above 160. The main takeaway was not the hold itself, but whether yen strength can last without faster BoJ tightening.

Did the BoJ signal enough to change your view on JPY, or was the hold already priced in? 👇

Economic Calendar: High Impact Events
2026-08-03 — 2026-08-09

Monday 03 Aug
14:00 UTC · 🇺🇸 United States · ISM Manufacturing PMI

Tuesday 04 Aug
22:45 UTC · 🇳🇿 New Zealand · Employment Change q/q
22:45 UTC · 🇳🇿 New Zealand · Unemployment Rate

Friday 07 Aug
12:30 UTC · 🇨🇦 Canada · Employment Change
12:30 UTC · 🇨🇦 Canada · Unemployment Rate
12:30 UTC · 🇺🇸 United States · Average Hourly Earnings m/m
12:30 UTC · 🇺🇸 United States · Non-Farm Employment Change
12:30 UTC · 🇺🇸 United States · Unemployment Rate

Times are shown in UTC.

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