As widely expected by market participants, the U.S. Federal Reserve lowered its benchmark fed funds rate by 25 basis points to 4.5%-4.75% on Thursday, following the footsteps of other central banks to loosen monetary policy.

“Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low,” the press release said. “Inflation has made progress toward the Committee’s 2% objective but remains somewhat elevated.”

The Bank of England also cut rates by 25 bps earlier today, while Sweden’s Riksbank eased key interest rates by half percentage points.

In the minutes following the FOMC decision, the price of bitcoin (BTC) stood around $76,492, near its fresh all-time record high, up 1.5% over the past 24 hours. The broad-market CoinDesk 20 Index outperformed gaining 4% during the same period.

What will be more important for investors is what Fed Chair Jerome Powell will say about the central bank’s path forward after Donald Trump’s decisive win of the elections in the U.S. The new president-elect’s proposed policies such as tax cuts, tariffs and deregulation to stimulate economic growth could reignite inflationary pressures, prompting the Fed to take a more cautionary approach, potentially slowing, pausing or even reversing its rate cutting cycle.

Market participants now put a 33% probability that the Fed will keep rates steady at their upcoming December meeting, up from 14% a month ago, the CME FedWatch Tool showed.

Powell will speak at the post-meeting press conference at 2:30 p.m E.T.