Finance

In his first meeting as Chair, Kevin Warsh and the FOMC maintained interest rates at 3.50%-3.75% but delivered a surprise upward revision to inflation forecasts. The updated dot plot indicates a potential rate hike later this year, contrasting with earlier market expectations of cuts, as the committee remains concerned about persistent price pressures.

Global energy markets saw relief as Brent crude prices dropped toward $72 per barrel following evidence that oil shipments are continuing through the Strait of Hormuz. This de-escalation of the conflict with Iran has helped mitigate inflationary fears, although analysts remain cautious about the long-term stability of the regional truce.

U.S. spot Bitcoin ETFs recorded their longest continuous withdrawal period since inception, losing roughly $4.4 billion in June alone. While institutional interest appears to be cooling due to delayed rate cut expectations, large-scale holders, or 'whales,' are reportedly buying the dip to stabilize prices near key support levels.