Fed implements first rate hike since 2023 as crypto market remains stable

The Federal Reserve raised its benchmark interest rate by 25 basis points to a target range of 3.75% to 4%, the first increase in over three years. Bitcoin and Ether showed minimal volatility following the announcement. Policymakers project the rate to remain unchanged through next year, with 16 of 18 members forecasting at least one more hike in 2026. Fed Chairman Kevin Warsh described the move as removing a dose of accommodation amid persistent inflation.