Fed raises federal funds rate 25bps to 3.75%-4% in unanimous FOMC vote

The unanimous vote matters more than the 25bp increment itself: it signals no internal dissent even as the committee acknowledges inflation remains elevated, which narrows the scope for near-term policy softening. For crypto and RWA markets, the read-through is a continued high cost of dollar funding, a persistent headwind for leveraged and yield-sensitive positions. The open question is whether the committee's characterization of solid activity and labor gains shifts in coming statements, since that language, not the rate level, is what would signal a change in trajectory.