FOMC Verdict: Rates raised by 25bps, FOMC dot plot remains unchanged, Bitcoin stays at $28,500

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.

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