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Fed decision headlines two weeks of inflation and jobs data

What happened
Based on Kraken News · Jul 29, 2026

The Federal Reserve’s July 29 interest rate decision and subsequent economic data releases, including jobs and inflation reports, will shape market expectations for rate cuts. Crypto-linked earnings and options expiries add volatility risks.

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Fed decision headlines two weeks of inflation and jobs data
Kraken News — Kraken
Key points
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The Federal Reserve’s rate decision opens two weeks of overlapping catalysts, from crypto-linked earnings and a monthly options expiry to the July jobs report and CPI.
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The Federal Open Market Committee announces its interest rate decision at 2:00 p.m.
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ET on Wednesday, July 29, at the conclusion of its two-day meeting, with no Summary of Economic Projections or dot plot at this meeting.
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The Committee held its target range at 3.50%–3.75% in June and said further action depends on incoming data, so this cycle the statement wording and Chair Kevin Warsh’s 2:30 p.m.
Key numbers
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50%–3.
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Less than 24 hours later, the Bureau of Economic Analysis will release June Personal Income and Outlays data, including the PCE price index, at 8:30 a.
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The company reported a $394 million net loss in Q1 and cut 700 jobs, raising market focus on its financial health.

The Federal Reserve’s Federal Open Market Committee will announce its interest rate decision at 2:00 p.m. ET on July 29, maintaining its current target range of 3.50%–3.75% since June. Chair Kevin Warsh will hold a press conference at 2:30 p.m. ET, with the statement’s wording signaling future policy direction rather than an immediate rate change. Markets will scrutinize the tone for clues on potential easing, which could prompt repricing in rate-sensitive assets like Bitcoin and Ethereum.

Less than 24 hours later, the Bureau of Economic Analysis will release June Personal Income and Outlays data, including the PCE price index, at 8:30 a.m. ET on July 30, alongside the advance estimate of second-quarter GDP. If the Fed’s guidance conflicts with the data, traders may face rapid adjustments in positioning. Bitcoin and Ethereum spot and derivatives markets on Kraken Pro are expected to reflect these shifts, particularly if the Fed signals patience or openness to rate cuts.

Coinbase will report second-quarter earnings after the US market close on July 30, followed by a live Q&A session at 5:00 p.m. ET on X. The company reported a $394 million net loss in Q1 and cut 700 jobs, raising market focus on its financial health. MicroStrategy will also release results the same afternoon, with its Bitcoin holdings subject to significant unrealized gains and losses under fair-value accounting, adding another layer of volatility to crypto markets.

The July Employment Situation report from the Bureau of Labor Statistics, due at 8:30 a.m. ET on August 6, will provide nonfarm payrolls, unemployment, and wage data, influencing Fed policy expectations. The July CPI release at 8:30 a.m. ET on August 13 will further shape rate-cut timelines. Both reports, along with the Fed’s July decision, create a dense data window that could drive volatility across Bitcoin, Ethereum, and related derivatives on Kraken Pro.

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