Hey friends, the key info from the Fed's rate decision is out: rates remain unchanged, but surprisingly, there were three dissenting votes. 1. Here’s the core outcome of the decision: The Fed voted 9:3 to keep rates steady at 3.50%-3.75%. This marks the fifth consecutive pause, but three regional Fed presidents dissented, advocating for a 25 basis point hike. The dissenters were Cleveland Fed’s Hammack, Minneapolis Fed’s Kashkari, and Dallas Fed’s Logan. Three dissenting votes are extremely rare in history. This is the first time since 2016 that there have been three dissenting votes in the same direction. The more dissenting votes, the greater the internal division. 2. What’s next for Bitcoin? The market’s real pricing power lies in Walsh’s press conference (2:30 AM Beijing time) and future data. Here’s why: three dissenting votes indicate that nearly 1/4 of the Fed believes a rate hike is necessary. Walsh’s stance at 2:30 will determine how the market prices in a September rate hike. - If Walsh leans hawkish, emphasizing “inflation remains high” and “prepared to take further action,” $64.5K is likely to break, with a pullback to $63K or even $62K. - If Walsh leans dovish, emphasizing “data-dependent” and “no rush,” the market might interpret it as “rate hikes aren’t urgent,” leading to a short-term rebound to $65K or even $65.5K. Currently, the market is almost certain about a September rate hike, with odds exceeding 70%. The three dissenting votes in this decision have actually helped the market partially price in the hike in advance. As for Bitcoin’s current price action, it has mostly priced in the decision to hold rates steady. But Walsh’s comments? That’s the wildcard. Let’s wait and see. #Bitcoin #Crypto #Fed #InterestRates