On Wednesday, The Federal Open Market Committee (FOMC) [announced](https://www.federalreserve.gov/newsevents/pressreleases/monetary20231101a.htm) it will keep the benchmark federal funds rate at its current range of 5.25% to 5.50%. This is the third rate pause this year. 

However, the FOMC did not rule out future rate hikes. The next meeting will be held in December. 

According to the FOMC, “Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks.”

As of 11 a.m. in Hong Kong, the [price](https://www.coindesk.com/price/bitcoin/) of bitcoin rose by 3.78% to over $35,000. It is consistent with Bitcoin’s price the past week, which has been hovering around $35,000. 

In contrast, many altcoins rose more sharply. Ether is up by nearly 2% over the past 24 hours, while solana had a 16% surge, which marks a 14-month high.

The FOMC announced that it will hold interest rates at the current level.


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Thu Nov 02 2023 Fed Hits Pause on Rates; Bitcoin’s Price Stays Flat

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Fed Hits Pause on Rates; Bitcoin’s Price Stays Flat