Fed Holds Lower Bound of Rate Target at 3.75%, as Expected

The headline number is the floor, not a move: the committee left the lower bound where it stood at the last meeting, so the quarter-point gap against the prior reading reflects a step already taken rather than a fresh one. For rate-sensitive corners of crypto and tokenized real-world assets, the practical signal is that the near-term policy path is unchanged, which is why the outcome was priced in ahead of time. Whether the committee's next communication shifts the expected path, rather than the level itself, is the open question worth watching.