U.S. stocks rose on Wednesday and crypto markets fell after minutes from the Federal Reserve's September meeting showed that policymakers were divided on how deep to cut interest rates in the near term.
The minutes showed that an "overwhelming majority" of officials supported a larger rate cut, but a minority called for a 25 basis point cut, arguing that the 50 basis point cut ultimately approved was too large.
"Some participants indicated that they would prefer a 25 basis point reduction in the target range at this meeting, while a few others indicated that they might support such a decision," the minutes said.
After the release of the minutes, market observers lowered their expectations for a rate cut in November. The Chicago Mercantile Exchange's FedWatch tool showed that the probability of the Fed cutting interest rates by 25BP in November was 70.4%, and the probability of no rate cut rose to 29.6%.
According to Binance heat map data, the current overall market value of cryptocurrencies is US$2.13 trillion, and Bitcoin's market share is 56.7%.
Altcoins generally fell. Among the top 200 tokens by market value, Baby Doge Coin (BabyDoge) led the gains, up 9%; SuperVerse rose 5.2%; FTX Token (FTT) fell the most, up 9.6%; cat in a dogs world (MEW) fell 8.8%; and Mog Coin (MOG) fell 8.7%.
In the U.S., stocks opened higher and remained higher at the close. At the close, the S&P, Dow and Nasdaq all rose, up 0.71%, 1.03% and 0.60% respectively.
