Live updates: Bitcoin manages small gains as stocks drop on AI concern, oil surges
The Federal Reserve's two-day policy meeting begins tomorrow, with nearly all now expecting the U.S. central bank to hike its benchmark policy rate by 25 basis points.
Source: CoinDesk
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DW NOTE
The Fed is hiking into a supply shock it can do nothing about. A 25 bp increase will not reopen the Strait of Hormuz or restore 5.7 million barrels of daily oil supply. Rates were held at 3.50%-3.75% all year while oil was stable; now they tighten as WTI hits $101 on geopolitical disruption that monetary policy cannot address.