.federalreserve has hiked interest rates by a quarter percentage point
It has followed the Bank of England by raising rates by 25 basis points in line with market expectations.
Bitcoin, the biggest cryptocurrency, is currently trading at $40,106 on the Bitstamp exchange. It has mostly pared its losses after initially dipping roughly 1.5% on the news. Due to growing inflation, the Fed is under increasing pressure to keep consumer prices under control., were buoyed by the central bank’s unprecedented pandemic-era stimulus program. However, the Fed is now aggressively dialing back its support in order to get inflation under control.
During a press conference, Fed Chair Jerome Powell said that the central bank would reduce its balance sheet during the upcoming meeting of the Federal Open Market Committee . The central bank is yet to decide on timing. The central bank plans to raise interest rates"steadily" throughout 2022, adopting an ultra-hawkish stance.
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