In a widely anticipated move, the federalreserve raised interest rates by 75 basis points. Bitcoin was down 5.3% in the minutes since the decision. HeleneBraunn reports
The Federal Reserve on Wednesday raised interest rates by 75 basis points, or three quarters of a percentage point, marking the biggest hike in 28 years, in an ongoing effort to bring down soaring inflation that has roiled the economy along with markets from stocks and bonds to cryptocurrencies.
"Overall economic activity appears to have picked up after edging down in the first quarter," the Fed statement reads."Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures."May’s Consumer Price Index
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