Fed Holds Rates Steady as Crypto Markets Wobble

The Federal Reserve held interest rates steady at 3.5%, 3.75% on Wednesday, meeting near-universal market expectations.

Crypto markets reacted with a slight dip: Bitcoin fell around 1% to $63,890 and Ethereum dropped by about 1%, now trading for just above $1,900.

The Fed's decision came without a Summary of Economic Projections, which would have shown policymakers' updated rate expectations. The next dot plot is scheduled for September.

A few FOMC members signaled support for a rate hike before year-end, citing inflation pressures from rising oil prices due to the Middle East situation.