On The Drift with Adam Mesh, veteran trader and tastylive co-founder Tom Sosnoff delivered a blunt reality check for anyone trying to trade around the Federal Reserve. On Wednesday, July 29, 2026, the Federal Open Market Committee voted 9-3 to hold the federal funds target range steady at 3.50% to 3.75%, marking the fifth consecutive meeting without a change under Fed Chair Kevin Warsh. Three regional Fed presidents Beth Hammack, Neel Kashkari, and Lorie Logan dissented in favor of raising rates by a quarter point. With markets split on whether the next move is a hike, a cut, or another extended pause, Sosnoff's message on The Drift was to stop trying to predict what the Fed will do at all. In his words, if the Fed raises rates, no one actually knows whether bonds go higher or lower in response. Nobody knows. Instead of guessing at the Fed's next move, Sosnoff argues traders should express their actual view on rates using simple options structures. If you believe rates are topping out ...