Crypto prices barely stir as Fed leaves interest rates unchanged
The crypto market has reacted little to the U.S. Federal Reserve’s decision to leave interest rates unchanged , even as it hinted at a final hike before year’s end. On Sept. 20, the U.S. Federal Reserve (Fed) Chair Jerome Powell held a Federal Open Market Committee (FOMC) press conference, announcing that current interest rates, ranging between 5.25% and 5.5%, would remain unchanged. “In light of how far we have come in tightening policy, the committee decided at today’s meeting to maintain the target range for the federal funds rate at 5 ¼ to 5 ½ percent and to continue the process of significantly reducing our securities holdings.” Jerome Powell, Federal Reserve Chair However, the Fed hinted at one final hike ranging between 5.5% and 5.75% before the end of 2023 to close the current cycle that would have seen 12 interest rate hikes since March 2022. Powell reiterated the Fed’s goal to bring inflation back down to 2%, adding that its decision would be guided by “ongoing asse...