The US Federal Reserve (Fed) left the interest rate on hold at 3.5% – 3.75% overnight, as was widely expected. The rate hold comes in the wake of the US Department of Justice serving the Fed with grand jury subpoenas, threatening a criminal indictment over testimony Fed chair Jerome Powell gave at the Senate Banking Committee in June 2025.

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Stephen Miller

Stephen Miller is GSFM’s market strategist. His expertise in international economic and policy analysis, as well as domestic and global economic and financial market developments, has resulted in him becoming a regular commentator on central banks, rates and inflation.

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