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Last updated: July 30, 2026, 11:30 AM ET

Inflation Concerns and Fed Policy Drive Markets

Treasury yields edged higher as investors reacted to U.S. indicators and grappled with uncertainty over Federal Reserve Chairman Kevin Warsh's plans for inflation. The dollar fell against a basket of currencies after Warsh's press conference, which left some ambiguity about the policy outlook. Bond traders, extending a slide as they braced for U.S. inflation data that could solidify concerns the Federal Reserve is lagging on price growth. U.S. stocks declined sharply after the Federal Reserve held rates steady, while investors worried about potential rate hikes later this year as the war in Iran escalated. Warsh's stripped-back Fed communication, traders warned, with a lack of guidance on interest rates eroding the U.S. central bank's influence on the Treasury market. Investors are questioning Warsh’s resolve on inflation, putting more pressure on the Fed chairman to support his words with interest-rate actions. The Fed held rates steady but, highlighting internal divisions over the path forward for policy under Warsh's second meeting as chairman.

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