The final week of July was not for the faint of heart.

Treasury yields climbed to levels not seen since 2007, the Federal Reserve left investors debating whether rate hikes are becoming more distant, and Big Tech earnings redrew the line between AI winners and losers.

Warsh's 'Good Family Fight' Pushes Treasury Yields to 19-Year Highs The Federal Reserve kept its benchmark interest rate unchanged at 3.50%–3.75%, but the decision was far from unanimous.

Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed President Lorie Logan each preferred a quarter-point hike.

It was the first time since September 2016 that three policymakers dissented in the same direction.