Fed holds rates at 3.75% to 4% over two dissents for a hike, and bitcoin sits near $80,800

The Federal Reserve left its benchmark rate unchanged at 3.75% to 4% on Wednesday, but the vote was not unanimous. The Federal Open Market Committee voted 10 to 2, with Governor Lisa Cook and Cleveland Fed President Beth Hammack both preferring a quarter-point increase, according to the Fed's statement. The statement said inflation "remains elevated" and that the committee wants a timely return to its 2% goal.

At his press conference, Fed Chair Kevin Warsh addressed the midterm elections. He said, per Yahoo Finance's live coverage, that "politics played no role in the decision." Stocks swung around the announcement, the 10-year Treasury yield rose back above 5%, and traders put about an 85% chance on a quarter-point hike at the December 9 meeting, citing Bloomberg data.

For crypto, a hold was widely expected. In a crypto.news report timestamped 11:33 a.m. Pacific, bitcoin was at about $80,800, up about 0.5% over 24 hours and within a daily range of roughly $80,300 to $81,600. Higher rates can weigh on risk assets, but none of the sources linked bitcoin's level to the Fed. The committee's next meeting is December 9.