Fed Hikes Rates 25bp to 3.75%–4.00% in First Increase Since 2023

The unanimous vote and a higher dot plot matter more than the 25bp itself: they signal the committee is not treating this as a one-off. Dropping the supply-chain language and promising a more prompt return to 2% shifts the burden of proof onto data rather than external shocks. For crypto and RWA markets, the immediate read is a firmer rate path into a year-end stretch that has been thin on macro catalysts. Whether the dot plot's implied trajectory survives the next inflation print is the open question.