The Federal Reserve held its benchmark interest rate steady at 3.5%-3.75% on Wednesday, meeting near-universal market expectations. Bitcoin dipped approximately 1% to around $63,890 while Ethereum similarly fell by about 1%, now trading just above $1,900. The economy is described as expanding at a solid pace, but inflation remains above the 2% target, partly due to rising energy prices stemming from the situation in the Middle East. Nearly half of FOMC members signaled at the June meeting that they would support a rate hike before year-end, with oil trading above $100 per barrel keeping price pressures alive. The next dot plot and updated economic projections are scheduled for September 2026.
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