The Federal Reserve delivered its first rate cut since September 2024, lowering the federal funds rate by 25 basis points to a range of 4.00-4.25%. The decision was unanimous, with Chair Powell citing progress on inflation and a cooling labor market. Powell emphasized that the Committee would remain data-dependent but signaled the possibility of additional cuts if economic conditions warranted. Bitcoin surged past $75,000 on the news, while the broader crypto market rallied 8%.
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