Fed Raises Interest Rate for First Time in Three Years Amid Crypto Stock Decline

The Federal Reserve raised its benchmark interest rate by 0.25 percentage points on Thursday (local time), marking the first increase in over three years. The central bank adjusted its target range to 3.75%-4.00% annually. Major U.S. indices closed lower, with the Dow Jones Industrial Average down 1.21%, S&P 500 down 0.44%, and Nasdaq Composite down 0.01%. Crypto-related stocks also declined, with Circle falling over 6%, Robinhood down more than 5%, Coinbase down over 4%, and Bitmain and Stratis also seeing losses.