The Federal Reserve left its benchmark rate unchanged for a fourth meeting at 3.50%-3.75% in Kevin Warsh's first meeting as chair, but the latest dot plot and a shorter statement that removed an earlier easing bias were widely read as hawkish. Commentary said the shift reinforced expectations that rates will remain unchanged this year, with Warsh's emphasis on price stability adding to concerns about a firmer policy path. Bitcoin showed muted volatility after the meeting but stayed near local lows, with tighter-policy expectations and renewed geopolitical tension tied to Iran's remarks about the Strait of Hormuz appearing to limit risk appetite.