Fed Chair leads two-day meeting as fear grips markets

The Federal Open Market Committee's two-day July meeting began Tuesday and will conclude Wednesday, July 29, with an interest rate decision followed by a press conference. Unlike Warsh's first meeting in June, when the Fed's decision to hold rates steady was widely expected, this time markets are genuinely split on what happens next. Related: Bitcoin traders brace for Fed's rate call and inflation this weekWhy this decision is so uncertainTwo conflicting forces are pulling the Fed in opposite directions. June's inflation report showed prices cooling to 3.5% from 4.2% in May, giving the central bank room to hold rates steady. Warsh is running the Fed differentlyThough only in his second meeting as chair, Warsh has already begun reshaping how the Fed operates.