Fed Expected to Hike Rates Amid Inflation Worries and Bitcoin's Crypto Regulatory Setback

US stock futures rose modestly ahead of a widely expected Federal Reserve interest rate hike on Wednesday, despite a rough stretch for markets.

The Fed is expected to raise rates by 25 basis points to 4.0%, the first hike in three years, with odds of a hike standing at 92% according to CME Group.

Bitcoin dropped roughly 2% to around $75,000 after the Senate failed to pass the Clarity Act crypto regulatory bill, which had been seen as a potential catalyst for the crypto market.