The publication of the minutes from the July meeting of the U.S. Federal Reserve (Fed) triggered positive dynamics in the cryptocurrency market. The document revealed that two members of the Open Market Committee supported the idea of lowering the key interest rate, which was perceived as a signal for a possible easing of monetary policy.
This is reported by Finway
Details of the Minutes and the Fed Representatives’ Position
“Several members at this meeting expressed support for lowering the target range for the federal funds rate by 25 basis points. These members concluded that, excluding the impact of tariffs, inflation is close to the Committee’s target of 2%, and that an increase in rates is unlikely to have a lasting impact on inflation,” the minutes stated.
Some officials noted that the risk of rising unemployment due to a slowdown in economic activity from the Fed’s tighter policy has significantly increased. There was also mention of a deteriorating situation in the labor market.
Opposing the decision to maintain the rate were Michelle Bowman and Christopher Waller. Michelle Bowman recently spoke at the Wyoming Blockchain Symposium 2025, emphasizing the importance of allowing regulatory staff to invest in crypto assets for a better understanding of their specifics.
Both officials had advocated for a rate cut even before the July meeting. However, following the meeting, the Fed kept the rate at 4.25–4.5%.
Impact on the Cryptocurrency Market and Investor Expectations
Following the release of the minutes, the cryptocurrency market showed moderate growth. According to CryptoRank data, Ethereum rose by 2.12%, Solana by 2.4%, Dogecoin by 2%, and XRP by 0.7%. Meanwhile, Bitcoin is slightly down on the daily chart.
On August 22, 2025, Fed Chair Jerome Powell is expected to speak at the annual economic forum in Jackson Hole. U.S. media reports that the Fed chair is under significant pressure due to criticism from President Donald Trump. Investors and analysts are waiting for Powell to hint at potential further actions regarding the rate in September.
According to CME exchange forecasts, the probability of Fed policy easing in September stands at 79.1%. However, this figure has decreased following the latest data on the Producer Price Index (PPI), which caused a correction in the crypto market on August 18. After the publication of the minutes, the market returned to growth.