The Federal Reserve did not cut interest rates this time.

Waller presided over the FOMC for the first time, and the benchmark interest rate remained unchanged at 3.50%-3.75%.
But what really makes the market uncomfortable is not "no cut," but the hawkish signals after the meeting.
The dot plot shows that nearly half of the officials expect at least one more rate hike this year.
Waller did not submit a personal interest rate forecast and also began to weaken the previous forward guidance.
This essentially tells the market not to pre-write a rate cut script for the Fed anymore.
Bitcoin and US stocks are under short-term pressure, which is actually normal.
The riskiest assets fear the re-tightening of liquidity expectations the most.
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