Fed Holds Rates Steady, but Oil Prices Fuel Dow's Plunge

The Federal Reserve maintained its interest rates at 3.5%-3.75% on Wednesday, resulting in a mixed reaction from Wall Street.

The Nasdaq Composite and S&P 500 indices rose into positive territory after the announcement, while the Dow Jones Industrial Average plummeted by 700 to 900 points in the same session.

Federal Reserve Chair Kevin Warsh emphasized the central bank's commitment to fighting inflation, stating that they 'will not hesitate to act' if conditions require it.

The three dissenting votes in favor of a rate hike at this meeting are worth noting, particularly as inflation data is expected over the next few weeks. A surprise hike at the next meeting could hit risk assets across the board, including Bitcoin and other cryptocurrencies.