The Federal Reserve's Summary of Economic Projections reveals that officials are likely to implement one more interest-rate hike before the end of the year, with a median projection suggesting the federal funds rate will reach 5.6% by year-end. Looking ahead to 2024, the dot plot suggests two quarter-point rate cuts may be on the horizon, with a median forecast for a federal funds rate of 5.1%. While an interest rate increase would make traditional interest-bearing assets more attractive to investors, Bitcoin's status as a hedge and safe haven asset is expected to remain intact, potentially fueling a new bull run in its price. The Federal Reserve's increased confidence in its ability to navigate a "soft landing" is reflected in more optimistic growth expectations and improved unemployment forecasts.

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