China News Today TheBitTimes.com

1. Federal Reserve Sets Interest Rate Ceiling at 4.50% link The Federal Reserve announced its rate decision, setting the upper limit at 4.50%, in line with expectations and lower than the previous rate of 4.75%. According to the Fed’s statement, recent data indicates steady economic growth, a cooling labor market, a rise in unemployment though still at low levels, and inflation nearing but slightly above target. The committee will continue reducing the balance sheet, with the decision receiving majority support. Beth Hammack dissented, advocating to maintain rates at 4.5%-4.75%. During the press conference, Chair Jerome Powell stated that the Fed is not permitted to own Bitcoin and has no intention to change the law. The dot plot revealed a reduction in next year’s rate cut projections from four to two. Powell emphasized a more cautious approach to future rate adjustments, contingent on further progress in reducing inflation. He noted it could take one to two years to reach the inflati...