Finance

The Federal Open Market Committee recently voted to maintain the federal funds rate at its current range of 3.5% to 3.75%. While holding steady for now, officials have revised their inflation and interest rate projections upward for the remainder of 2026, signaling that a rate hike may be necessary later this year. The market is also adjusting to a potential change in Fed communication style under new leadership, which may prioritize less frequent forward guidance.

Shares of SpaceX have plummeted approximately 23% over the last three trading sessions, erasing nearly $600 billion in market value. This sharp decline followed the announcement of the company's first investment-grade bond sale intended to fund AI expansion through its xAI subsidiary. The sell-off reflects broader investor skepticism regarding the high costs associated with artificial intelligence development despite the company's high-profile IPO earlier this month.

Bitcoin has dropped to its lowest price level since mid-June, currently trading around $62,000 as it mirrors the downturn in equity markets. The cryptocurrency is being squeezed by a broader shift away from risk assets and uncertainty surrounding ongoing U.S.-Iran negotiations. Despite the decline, some technical analysts suggest that long-term moving averages are approaching a bearish signal that has historically served as a contrarian indicator for market bottoms.