The Federal Reserve is expected to raise interest rates by 25 basis points on Wednesday, with a 94.5% probability according to the CME FedWatch tool, pushing the federal funds rate to 3.75%-4%. Most major U.S. banks forecast total tightening of 50 basis points by year-end, while Bank of America, Deutsche Bank and RBC anticipate 75 basis points. Bitcoin fell approximately 3.2% on Tuesday to around $75,700, after the Clarity Act crypto market structure bill failed its Senate cloture vote. President Trump, who had chosen Fed Chair Kevin Warsh hoping for lower rates, has publicly pressured him to avoid the hike, but Warsh has stated the president has had no influence on Fed decisions.
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