The Fed delivered its first rate hike since 2023, and risk assets briefly rallied on the widely-expected move — before Chair Kevin Warsh's hawkish press conference and an updated dot plot erased the gains.
Crypto stabilized overnight after Tuesday's CLARITY Act-driven selloff, and Wall Street heads into Wednesday's FOMC decision — the first under new Fed Chair Kevin Warsh — with a 25-basis-point hike already priced in at roughly 91% odds.
A failed Senate cloture vote on the CLARITY Act erased Monday's regulatory-optimism rally, with XRP the hardest hit. Stocks, oil and gold all moved on the same oil-and-yields backdrop ahead of Wednesday's FOMC decision.