Fed Chair Kevin Warsh to Testify Before Congress on July 14 as Rate Hike Odds Jump to 49%

Fed Chair Kevin Warsh is scheduled to testify before the House Financial Services Committee on July 14 at 10 a.m. Eastern, marking his first appearance on Capitol Hill since taking office in May. He will present the Federal Reserve's semi-annual Monetary Policy Report; the Senate Banking Committee will hold a separate hearing the following day.

At his first FOMC meeting on June 17, Warsh voted unanimously with the committee to hold the federal funds rate at 3.5%-3.75% and signaled strong resolve to reach the Fed's 2% inflation target. Market reaction was swift: according to CME Fedwatch data, the probability of a September rate hike jumped to 49% from 27% a day earlier. Bitcoin declined to near $64,000 on rising rate-hike expectations, as higher interest rates typically draw capital away from risk assets including cryptocurrencies.