Fed raises rates by 25bps; Bitcoin remains essentially flat
- The Federal Open Market Committee (FOMC) has decided: enhance Cut interest rates by 25 basis points and raise the Fed’s interest rate to between 5% and 5.25%.
- The Federal Reserve’s funding rate is now also in line with CPI inflation at 5%.
- FOMC Said It aims to achieve maximum employment and 2% inflation in the long term.
- Further, the committee now says it will consider previous actions, policy delays, and economic and financial events when deciding further actions.
- The current consensus is to pause rate hikes to assess macroeconomic conditions.
- Bitcoin is trading at $28,511 at press time, down 0.55% over the past 24 hours, following news of the rate hike.
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