Federal Reserve (FED) · Bitcoin · Wall Street · JPMorgan · Decrypt
The Federal Reserve raised interest rates by a quarter point Wednesday, its first hike since 2023
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Bitcoin remained flat in the minutes before and after the announcement, swinging between $75,00 and $75,800.
Key facts
- Bitcoin remained flat in the minutes before and after the announcement, swinging between $75,00 and $75,800
- The Fed's next meeting is scheduled for October 27-28, with its following gathering, and next dot-plot update, set for December 8-9, when Wall Street will find out whether Wednesday's hike
- Bitcoin tested that zone directly on the announcement, spiking toward $75,900 before reversing to roughly $75,100 within minutes, ultimately holding above the lower end of the support band rather
- The Federal Reserve raised interest rates by a quarter point Wednesday, its first hike since 2023, lifting the federal funds rate to a target range of 3.75% to 4% from 3.50% to 3.75%
Summary
The Fed raised its benchmark rate by 25 basis points to a range of 3.75% to 4%, its first hike since 2023, after traders had priced in a 93% chance of the move, per CME's FedWatch tool. The Federal Reserve raised interest rates by a quarter point Wednesday, its first hike since 2023, lifting the federal funds rate to a target range of 3.75% to 4% from 3.50% to 3.75%. The move landed almost exactly as markets expected. In its statement, the Committee said economic activity was "expanding at a solid pace" and that job gains had "kept pace with the workforce," but that inflation remains elevated.