Quick Take
The Federal Reserve raised the federal funds rate by 25bps. This took the federal funds rate to 4.75 – 5% Upon the announcement, Bitcoin’s price has stayed relatively flat at $28,500. The Fed sees 5.1% on the median dot plot for the end of 2023 and 4.3% for the end of 2024. The Fed also expects one more rate hike. The Fed is dropping “ongoing rate hikes” from statements and says the US banking system is sound and resilient.” All eyes are now on Powell who will be discussing the new Fed Dot Plot and economic projections at 6:30 PM GMT.
Fed Dot Plot: (Source: Federal Reserve)
BTCUSD:(Source: TradingView)
The post FOMC Verdict: Rates raised by 25bps, FOMC dot plot remains unchanged, Bitcoin stays at $28,500 appeared first on CryptoSlate.
