The Federal Reserve held rates steady at 4.25-4.50% at its March meeting, with Chair Powell emphasizing the need to assess the economic impact of the Strait of Hormuz crisis before making any policy adjustments. The dot plot showed that most officials still expected rate cuts later in 2026, but the median projection was revised down to just two cuts from three. Bitcoin rallied 3% on the day as markets interpreted the cautious stance as ultimately supportive for risk assets.
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