Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
The Fed held policy steady, as expected, but the policy statement was more hawkish than most anticipated.
As expected, the U.S. Federal Reserve left its benchmark fed funds rate range unchanged at 5.25%-5.50%. Maybe somewhat surprisingly though, the Fed gave little indication that a September rate cut is guaranteed.."The economic outlook is uncertain, and the is attentive to the risks to both sides of its dual mandate," the statement continued.
Dealing with galloping inflation at the time, the Fed's historic run of tighter policy began in early 2022 taking the fed funds rate from 0% to 5.25%-5.50% in the space of less than 18 months. The rate has remained at that level for more than a year as the central bank has been cautious to ease while inflation stubbornly remained well above its 2% target.
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