The latest Federal Reserve minutes revealed a more hawkish tone than markets expected, reinforcing fears that interest rates could stay elevated longer and potentially pressure Bitcoin and broader risk assets.
Minutes from the April 28–29 meeting showed that many policymakers wanted to remove the Fed’s easing bias entirely, while a majority signaled additional rate hikes could become necessary if inflation remains persistent.
Four Dissents Highlight Growing Fed Divide
Officials pointed to rising energy prices, tariffs, and geopolitical instability tied to the Middle East conflict as major inflation risks.
The Fed ultimately kept rates unchanged at 3.50%–3.75%, but the meeting exposed one of the deepest policy divisions in years.
The meeting produced four dissents, the highest number since 1992.
Stephen Miran favored a 25-basis-point rate cut, warning policy may become overly restrictive as labor market risks grow. Meanwhile, Beth Hammack, Neel Kashkari, and Lorie Logan opposed retaining language suggesting future easing.
Officials also warned inflation expectations could become “de-anchored” if price pressures remain elevated.
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