"CoinDesk Daily" host Michele Musso breaks down the biggest headlines impacting the crypto industry today, as the U.S. Federal Reserve announced on Wednesday that it expects just one rate cut this year.
You're watching Coin De Daily. Hi, I'm Michelle Musso in for Jen Sani. On Wednesday. The Federal Open Market Committee of the US Federal Reserve announced that it's holding its benchmark fed fund rate range in five and a quarter to 5.5%. But the fed's economic outlook now calls for just 125 basis point rate cut this year. The hawkish turn in the fed economic projections took steam out of Bitcoin's rally after the CP I numbers as of 10 a.m. Eastern time.
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