Fed holds rates at 3.5%-3.75% as CPI hits 4.2%, energy prices bite and markets watch July data. Bitcoin slid alongside U.S. stocks.

Kevin Warsh chairs his first FOMC meeting with rates expected to hold at 3.5%-3.75%. With CPI at 4.2%, markets eye potential hikes and crypto implications.

The Federal Reserve held interest rates steady at 3.5%-3.75% in Kevin Warsh's first meeting, with policymakers signaling potential rate hikes to combat surging inflation. Despite…