Fed holds rates at 3.75%–4.00%, two members dissent in favor of a hike

The split vote is the story here: two dissents pushing for a hike, not a cut, signal that the policy debate has tilted toward inflation risk even as rates stay put. That matters for rate-sensitive corners of crypto and tokenized RWA markets, where the cost of carry and yield differentials drive positioning. Whether the dissent broadens into a genuine hawkish bloc, and how Warsh frames the inflation language at the press conference, are the open questions worth watching.