The Federal Reserve left the federal funds target range unchanged at 3.75% to 4% on October 28, after the Federal Open Market Committee approved its policy statement in a 10–2 vote. The two dissenting officials preferred an interest-rate increase of 25 basis points.
The Federal Reserve’s official statement named Governors Lisa D. Cook and Beth M. Hammack as dissenters. Both favored raising the policy range by a quarter of a percentage point, rather than keeping it unchanged. The decision was not a rate cut.
Why the Fed kept its rate unchanged
In its statement, the committee said U.S. economic activity continued to expand at a strong pace, supported by resilient domestic spending and robust capital investment. It noted that job gains were keeping pace with labor-force growth while the unemployment rate had changed little.
Policymakers also emphasized that inflation remained elevated. The committee reiterated its objective of achieving 2% inflation and said incoming information would guide future decisions. It acknowledged elevated uncertainty, including geopolitical developments.
The Fed also said it would continue operating its policy to maintain ample banking-system reserves. The statement did not promise a particular interest-rate change at the next meeting.
Bitcoin and crypto markets face a macro test
For Bitcoin and other digital assets, the rate decision matters because U.S. borrowing costs, bond yields and expectations for future monetary policy can affect investor appetite for risk. Higher rates can make interest-bearing assets relatively more attractive, while easier conditions may support risk-taking, although neither relationship is automatic.
The October 28 statement by itself does not establish how Bitcoin traded immediately after the announcement. Any claim about an intraday jump, decline or liquidation wave would require a separately verified market-price dataset and timestamp.
BlockBriefing previously reported on Bitcoin’s trading near $80,000 ahead of the Fed meeting. That earlier snapshot should not be treated as a live quote following the policy decision.
What investors will watch next
Market participants will focus on subsequent inflation and employment data, Fed communications and whether a majority of policymakers signals that borrowing costs should stay at current levels for longer. The presence of two votes favoring a hike provides a notable counterpoint to expectations of near-term easing.
Primary source: Federal Open Market Committee statement, October 28, 2026. No unverified price reaction is asserted.
