Federal Reserve Chair Kevin Warsh to testify as Fed keeps rates at 3.5‑3.75%

On July 14 the Federal Reserve released its semiannual Monetary Policy Report and left the target range for the federal funds rate unchanged at 3.5%‑3.75%, following a unanimous 12‑0 vote at the June 16‑17 FOMC meeting.

New Fed chair Kevin Warsh, appointed last month, will appear before the House Financial Services Committee on July 14 and a Senate panel on July 15, his first congressional testimony. Lawmakers are expected to question him on the current rate stance, inflation trends, the Fed’s independence, and the impact of artificial‑intelligence‑driven demand on price pressures. Warsh said he will not provide forward guidance ahead of the next meeting.

The report highlighted solid economic expansion, stable unemployment and ongoing geopolitical risk, while markets price about a 70% chance of a rate increase by September. The article also noted that Bitcoin rose above $60,000 after Warsh’s comments and that the Trump administration is reviewing digital‑asset firms’ access to Fed payment systems.