The Federal Open Market Committee lifted the target range 25 basis points to 3.75% to 4.00%, its first increase since July 2023, on a unanimous 12-0 vote. Chair Kevin Warsh said the economy appears to be strengthening and that he would be hard-pressed to describe broad financial conditions as restrictive. The dot plot was the harder part: 16 of 18 policymakers expect at least one more increase in 2026, with the median year-end projection at 4.1%. Bitcoin's immediate reaction was limited, since the hike itself was priced.