Fed holds rates at 3.75%-4.00%; two voters pushed for a 25bp hike

The split at the Fed is the signal here: a hold with two dissents for a hike points to a committee leaning hawkish rather than comfortably on pause, which matters for rate-sensitive corners of crypto and tokenized yield products. The Bank of Canada's move, framed around energy-price pass-through, adds to a broader picture of central banks turning back toward tightening. Whether that hawkish tilt spreads to other major central banks is the open question, and how it shapes the rate expectations that digital-asset markets trade against.