The Federal Reserve raised its benchmark rate by 25 basis points on Wednesday, to a range of 3.75% to 4%, its first hike since 2023. All 12 members of the Federal Open Market Committee backed the decision, which came as markets had priced in a 93% chance of a move according to CME’s FedWatch tool. Bitcoin briefly spiked to $76,000 in the minutes following the announcement, before pulling back to around $75,100. The broader crypto market lost approximately 2.18% on the day. The Fed’s next policy meetings are scheduled for October 27-28 and December 8-9.
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