Fed poised for first rate hike since 2023; decision due at 2:00 p.m. ET, Warsh to speak at 2:30

News that the Fed is poised to hike rates for the first time since 2023 is a material tightening shock, raising the risk-free rate and typically pressuring duration-sensitive assets. Markets will focus on whether the move is a one-off or the start of a broader hiking cycle, driving repricing across equities, rates, FX, and crypto. Near-term, volatility is likely to rise around the decision and subsequent remarks.