Fed Holds Rates but Quietly Rewrites One Line. Bitcoin and Gold React

The Federal Reserve kept its benchmark interest rate at 3.75% to 4% on Wednesday. Two of the 12 voting officials, Governor Lisa Cook and Cleveland Fed President Beth Hammack, dissented and preferred a 0.25 percentage point increase. The Fed had raised rates by that amount in September, its first increase in more than three years, with all 12 voters supporting it. The latest statement removed language saying policy action would support a return to 2% inflation and instead said more information would help officials decide the next step. Consumer prices rose 3.7% year over year in September, and before the decision futures markets put about an 84% chance on a hike at the Dec. 8-9 meeting.