Bitcoin Price Update

The price of Bitcoin, the leading cryptocurrency, remains flat following the latest rate decision. The leading cryptocurrency is currently changing hands at $84,231 on the Bitstamp exchange. The cryptocurrency is still up by roughly 1.5%.

Federal Reserve Update

The Fed has left the key interest rate unchanged in the 4.25-4.50% range, which aligns with analysts’ expectations.

The latest FOMC statement indicates that “uncertainty around the economic outlook has increased.”

Notably, four Fed officials now expect zero rate cuts in 2025. The median forecast anticipates 50 basis points of rate cuts this year.

Additionally, the central bank has significantly reduced its 2025 GDP growth projection to just 1.7%.

Economist Mohamed Abdullah El-Erian commented on social media, “As expected, the Fed left interest rates unchanged and paused QT. Officials increased their inflation forecasts and lowered their growth projections — and both were far from insignificant, with the growth cuts exceeding the inflation rises.”