FOMC + Unemployment Claims Recap: Yesterday, the Fed held rates at 3.75–4.00% in a 10–2 vote, with Cook and Hammack pushing for another 25 bps hike. The Fed upgraded its economic outlook from "solid" to "strong," while warning that inflation remains elevated. Warsh offered no clear signal on December. Markets still see a significant chance of a December hike. BTC reaction was muted around the decision, softened overnight back near $80k, classic “priced-in hold + ongoing inflation concern” price action. Today's jobless claims: • Initial claims: 194K vs. 199K expected • Previous week: 195K (revised) • Continuing claims: 1.701M, down 21K Layoffs remain low, suggesting the labor market is holding up despite elevated interest rates. That's good news for economic growth, but it also gives the Fed less reason to ease policy while inflation remains stubborn.