Fed Holds Rates as FOMC Lower Bound Stays at 3.75%

A hold that matched expectations offers little new signal on its own; the significance lies in the absence of any shift in the target range's bounds, which leaves the policy backdrop for risk assets, including crypto and tokenized RWA markets, exactly where it was. The read-through is mostly for positioning: with the decision fully priced, attention shifts to whether the Fed's next communication changes the rate path rather than to this meeting itself. Whether the hold extends into coming meetings is the open question for duration-sensitive trades.