The Federal Open Market Committee (FOMC) is the monetary policy committee of the Federal Reserve System. It meets eight times per year to set interest rates and conduct other monetary policy operations. The FOMC's decisions have a significant impact on the global economy, including the traditional financial markets and the Bitcoin and crypto sectors.On Wednesday, September 20, 2023, at 2:00 pm ET, the FOMC will announce its decision on the federal funds rate. The federal funds rate is the interest rate that banks charge each other for overnight loans. It is the benchmark interest rate in the United States, and it affects all other interest rates in the economy.The FOMC is widely expected to raise the federal funds rate by 75 basis points (bps) at this meeting. This would bring the federal funds rate to a range of 5.25% to 5.5%. This would be the highest level of the federal funds rate since 2006.The FOMC will also release a statement and a set of economic projections at the same time as its rate decision. The statement will provide more detail on the FOMC's rationale for its decision and its outlook for the economy. The economic projections will show the FOMC's forecasts for economic growth, inflation, and unemployment.The FOMC's decisions are typically followed by a press conference by Federal Reserve Chair Jerome Powell. Powell will hold a press conference at 2:30 pm ET on Wednesday to discuss the FOMC's decision and answer questions from reporters.The FOMC's rate decision and Powell's press conference are closely watched by investors and other market participants around the world. The FOMC's decisions can have a significant impact on the prices of stocks, bonds, and other assets, including Bitcoin and cryptocurrencies.Investors and traders in both the traditional financial markets and the Bitcoin and crypto sectors are closely watching the FOMC's rate decision this Wednesday. They are eager to learn how the FOMC will balance the need to combat inflation with the risk of slowing economic growth.In the traditional financial markets, investors are concerned that the FOMC may be raising interest rates too quickly, which could lead to a recession. However, they are also aware that the FOMC needs to take action to bring inflation under control.In the Bitcoin and crypto sectors, investors are concerned that the FOMC's rate hikes could lead to a sell-off in risky assets, including cryptocurrencies. However, they are also hopeful that the FOMC's actions will help to stabilize the global economy and create a more favorable environment for Bitcoin and cryptocurrencies in the long term.Federal Reserve Chair Jerome Powell will address the public, shedding light on the decision, 30 minutes post-announcementPowell's press conference will be closely watched by investors and other market participants for insights into the FOMC's thinking and its plans for the future. Powell is likely to discuss the following topics:The FOMC's rationale for its rate decisionThe FOMC's outlook for the economyThe FOMC's plans for future rate hikesThe FOMC's views on Bitcoin and cryptocurrenciesPowell's comments could have a significant impact on the prices of stocks, bonds, and other assets, including Bitcoin and cryptocurrencies. Investors and traders will be listening carefully for any signs that the FOMC may be changing its stance on inflation, interest rates, or Bitcoin and cryptocurrencies.