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Katherine smil
The Fed held rates at 3.50%–3.75% on a 9–3 vote. The headline isn’t the hold — it’s the 3 dissenters who wanted a 25bps hike.
And they didn’t even agree on _why_:
- Lorie Logan, Dallas: Inflation is stuck ∼2.5%. Policy isn’t tight enough.
- Neel Kashkari, Minneapolis: Hike anyway. Better to be too tight than caught off guard.
- Beth Hammack, Cleveland: Full reasoning still pending.
Three different cases for hiking = a cracked consensus. That’s what markets are watching ahead of September.
$BTC felt it too — down 3.2% to $62,600 as the hawkish pushback sank in.
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