Bitcoin

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

03/23/2023
Bitcoin Ethereum News

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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Source: https://cryptoslate.com/insights/fomc-verdict-rates-raised-by-25bps-fomc-dot-plot-remains-unchanged-bitcoin-stays-at-28500/