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

Jerome Powell raised the fed funds rate by 25bps taking fed funds rate to 4.75 - 5%.

James Van Straten
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James Van Straten
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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)
Fed Dot Plot: (Source: Federal Reserve)
BTCUSD:(Source: TradingView)
BTCUSD:(Source: TradingView)
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James Van Straten
James Van Straten
Former Lead Analyst CryptoSlate

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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