In a bullish move for both stocks and cryptocurrencies, the Federal Reserve has announced it will not be changing its policy interest rate, despite mounting political pressure. The decision comes after the U.S. Bureau of Labor Statistics reported a 3.3% annualized inflation in May, slightly above the expected 3.4%. This lower inflation reading indicates the Federal Reserve is nearing its 2% inflation target, which could lead to a lowering of its policy interest rate. This is typically beneficial for stocks and cryptocurrencies, as they often perform well when borrowing costs for investors are low. Bitcoin's price surged 3% following the announcement but saw a slight dip after the Federal Reserve's expected no-cuts announcement.