Bitcoin near $80.8K as Fed holds rates, two officials seek hike

The Federal Reserve has held its benchmark interest rate at 3.75%–4.00% on Oct. 28, with two officials favoring another quarter-point hike as Bitcoin trades near $80,800. Summary The Fed kept rates at 3.75%–4.00% after September’s quarter-point hike. Two officials opposed the pause and voted for another 25-basis-point increase. Bitcoin traded near $80,800, while earlier analysis identified resistance above $81,400. September consumer inflation reached 3.7%, compared with 3.4% in August. The Federal Open Market Committee approved the decision by a 10–2 vote, according to its October statement, with Lisa Cook and Beth Hammack dissenting in favor of higher rates. Fed pauses after September’s unanimous rate hike In its statement released at 2 p.m. Eastern, the committee described economic growth as strong and said inflation remained elevated. Policymakers said domestic spending had remained resilient, capital investment was robust, and unemployment had changed little. The committee said more information would help it decide the appropriate policy stance to bring inflation back to its 2% goal in a timely manner. “The Committee will deliver price stability,” it said. The October split fo...