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.
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.