The Federal Reserve held interest rates steady on Wednesday, prolonging a months-long pause on rate cuts amid economic uncertainty fueled by U.S. President Donald Trump’s tariffs.
The price of Bitcoin and other cryptocurrencies, which rose on Wednesday morning, was roughly flat immediately after the central bank stood pat for a third consecutive time but was still up 4% over the past 24 hours to trade at about $84,500, according to data provider CoinGecko.
The U.S. central bank’s decision was widely expected, leaving its benchmark rate at 4.25% to 4.50% after the Fed began slashing borrowing costs in the final quarter of last year.
In a statement, the Fed emphasized a wait-and-see approach on how Trump’s policy maneuvers—which have battered stocks and crypto—could draw out its inflation fight.
“Uncertainty around the economic outlook has increased.” the Fed said. “The Committee will continue to monitor the implications of incoming information for the economic outlook.”
In remarks following the announcement, Federal Reserve Chair Jerome Powell said the central bank’s latest inflation forecast was “a little higher than projected with December.”