Crypto Markets Unmoved by Fed Minutes as Trump Tariffs Steal Focus

The Federal Reserve's July meeting minutes revealed a divided committee, with Governors Waller and Bowman advocating for a 25 basis point rate cut despite the decision to maintain rates at 4.25%-4.5%. Inflation remains "somewhat elevated," with growth moderating in early 2025, but crypto markets showed little reaction as traders had already priced in an 83% chance of a September cut.

Attention now turns to Jerome Powell's upcoming Jackson Hole speech, though the real market driver appears to be former President Trump's escalating tariff measures. New trade penalties on semiconductors, electronics, and steel are disrupting global supply chains, with Sony raising PlayStation prices by $50 in response. These protectionist policies complicate the Fed's inflation fight while potentially creating new headwinds for risk assets.