A 12-foot golden statue of President Donald Trump holding a Bitcoin was installed outside the U.S. Capitol, coinciding with the Federal Reserve’s upcoming interest rate decision on Wednesday.
At 2 p.m., the Fed announced that it reduced its key interest rate by a quarter-point, marking the first cut since Dec. 2024. The cut will lower the short-term rate to about 4.1% down from 4.3%. Last year, the central bank lowered rates three times due to concerns that job growth was slowing and unemployment was rising.
The central bank also revealed plans for two more rate cuts this year. However, only one is anticipated in 2026, which might disappoint Wall Street, as they had expected five cuts by next year.
The temporary piece, located on 3rd Street from 9 a.m. to 4 p.m., was funded by a collective of cryptocurrency investors. Organizers said the piece is intended to provoke debate about the future of digital currency, monetary policy, and the federal government’s role in financial markets.
