Fed meeting, October 28: live blog
The live text runs in Russian; the English summary is below.
Summary: the Fed kept the rate in the 3.75–4% range after September’s hike. The vote was 10 to 2: Lisa Cook and Beth Hammack wanted another 25 bp increase.
Warsh said the hike is already starting to bring inflation down while the economy grows strongly without overheating. No promises for December: “I won’t guess”, the decision will depend on the data, although markets price a hike at 90%. From next autumn the Fed changes its calendar: some meetings will have no rate vote.
Bitcoin during the broadcast: $80,890 at 2:00 PM ET, low of $80,705 at 2:16 PM, high of $81,327 at 2:37 PM (Binance), about $81,150 (+0.3%) by the end of the press conference. The 10-year Treasury yield rose to 5.03%.