Fed Holds at 3.50–3.75%: Inside Chair Warsh's Divided Committee and the Road to September
The Fed held rates in a divided 9-3 vote in July. What the dissents reveal about the path to September's meeting — and what markets are pricing in.
Daniel Mercer
Markets & Macro Contributor, Global Markets Review
- Markets
- Economy
- Central Banks
- Commodities
Daniel Mercer is a markets and macro contributor at Global Markets Review, covering the economic forces that shape global asset prices. His work focuses on central-bank policy, interest rates, inflation, major equity indices, currencies and commodities, with particular attention to the developments driving investor sentiment across the US, UK and European markets.
He writes with an emphasis on explaining how macroeconomic events translate into practical implications for investors and listed companies — starting from the arithmetic of index weights, earnings contribution and discount rates, and working outward to the narrative rather than the reverse.
Daniel anchors the publication's coverage of the Federal Reserve, the European Central Bank and the Bank of England. Where a story requires tracking over several quarters, it usually carries his byline, and his pieces close with the specific data releases that would change the conclusion.
Daniel Mercer holds no positions in individual securities covered by Global Markets Review.
Articles by Daniel Mercer
Tariffs Are Back: What the New US Levies on 60 Trading Partners Mean for Global Investors
The White House has rolled out new tariffs of 10-12.5% on 60 trading partners. What it means for global equities, currencies and inflation expectations.
Bitcoin's Quiet Summer: What Falling Spot Volume and Leverage Signal for Crypto Markets
Bitcoin spot trading volume has hit its lowest level since 2019. What thinning volume and leverage-driven price action mean for crypto markets right now.
Jackson Hole 2026 Preview: Why This Year's Symposium May Be the Quietest in Years
The annual Jackson Hole symposium is days away. Why Fed Chair Kevin Warsh may deliberately avoid the kind of signal-setting speech his predecessors were known for.
Wall Street Enters Record-High Territory as Traders Brace for a Pivotal Fed Week
The S&P 500 is at record highs, but retail earnings, FOMC minutes and Jackson Hole this week could decide if the rally holds into September.
Gold Grinds Toward Record Highs While Bitcoin Struggles to Reclaim $70K — Two Very Different Safe-Haven Trades
Gold is climbing toward record highs on central bank buying, while Bitcoin sits 49% below its 2025 peak. Here's why the two hedges are diverging.
Oil Climbs as Israel-Lebanon Ceasefire Lapses and Iran Sanctions Loom
Brent crude pushed toward $89 a barrel as Middle East tensions resurface, complicating the Fed's inflation outlook ahead of a pivotal week.
The Fed Has Stopped Being the Main Story. That Is the Risk.
Interest rates, inflation and equity valuations: why the Federal Reserve's path still sets the discount rate under record US stock prices.