Fed hikes rates 25bp to 3.75%-4.00%, first increase since 2023

The unanimous vote and the dot plot's shift matter more than the 25bp itself: a new chair consolidating consensus while signalling a higher terminal path removes the 'policy pause' assumption that had been priced into risk appetite. The split between the Dow's drop and the Nasdaq's flat close suggests the hit is concentrated in rate-sensitive, cyclical equity exposure rather than a broad de-risking, with digital assets and rate-sensitive RWA yield products facing the same discount-rate pressure. Whether the 2026 median holds above 4% — and whether the unanimity survives the next meeting — is the open question.