Insights

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

exchange68September 13, 2024

0 1 1 minute read

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

Former Lead Analyst at 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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