The Federal Reserve unanimously raised its federal funds target range by 25 basis points to 3.75%-4.00% at its September meeting, the first increase since July 2023, and signaled through its quarterly projections that further tightening remained possible. Sixteen of 18 officials expected at least one additional increase before year-end, with the median year-end rate projection at 4.1%. Chair Kevin Warsh said inflation was "too high and has been for too long." The decision triggered a Sept. 16 equity sell-off, with the Dow Jones Industrial Average losing 631 points, or 1.21%, to 51,461.90 and the S&P 500 declining 0.45% to 7,551.81. Nasdaq futures, S&P 500 futures and Dow futures recovered on Sept. 17 as oil fell below $100 a barrel and Treasury yields softened, though the prospect of another rate increase continued to cloud the outlook for rate-sensitive assets. U.S. spot Bitcoin and Ethereum ETFs recorded combined two-day outflows of $1.11 billion over Sept. 15-16, although Ethereum-flow accounts differed. Bitcoin outflows totaled approximately $746.3 million, while Ethereum outflows were reported at either $365.58 million or approximately $454.2 million in newer SoSoValue data. Bitcoin traded near $76,647-$76,663 and Ethereum near $2,444. The Senate also rejected the Digital Asset Market CLARITY Act by a 49-50 vote, while Solana and XRP investment products recorded inflows.