Bitcoin Resists Fed Rate Decision as Stocks Plummet

On July 27, the Federal Reserve kept interest rates steady for the sixth consecutive time, leaving its benchmark fed funds rate at 3.50%-3.75%. The vote passed 9-3, with three regional Fed presidents - Beth Hammack, Neel Kashkari, and Lorie Logan - breaking with the majority to vote for a quarter-point increase.

The decision was met with a sharp equity selloff, with the Dow Jones Industrial Average closing down 1,153 points or 2.19% at 51,594.14. However, Bitcoin remained relatively unaffected, rising about 0.1% over 24 hours.

Fed Chair Kevin Warsh downplayed the disagreement among policymakers, stating he had 'asked for a good family fight' and got one. He also emphasized that inflation remains a concern, cautioning that five-plus years of above-target price growth cannot be reversed quickly.