On July 29, the regulator kept the key interest rate in the range of 3.5-3.75%, leaving the parameters unchanged for the fifth consecutive meeting. The decision was made by a majority vote, with three committee members in favor of a 0.25 percentage point increase. Inflation has continued to exceed the target level for more than five years, due to persistent supply chain imbalances and volatility in commodity markets. The head of the regulator said that the current policy is the result of a review of the economic situation, and noted that government bond yields have shown significant growth over the past month and a half.

The reaction of the markets turned out to be differentiated. Cryptocurrencies have remained stable: the market capitalization has hardly changed, bitcoin is holding near the $ 64,000 mark, and altcoins are showing slight growth. Stock indexes, on the contrary, ended the day with a decline: the S&P 500 lost about 1.5%, the Nasdaq Composite - 1.7%, the Dow Jones – more than 2%. This was one of the most noticeable drops in similar trading sessions in recent decades.

Experts were divided in their assessments of the next steps. Some believe that maintaining the rate is justified, since the current price pressure is related to external factors that have limited impact on monetary instruments. Others insist on the need for an increase in order for inflation to return to target values. Market indicators show that investors estimate the probability of a rate hike at the next meeting at about one-third. A number of analysts believe that the tightening of financial conditions is already taking place through rising bond yields, which may make the prospect of a rate hike less acute.