Fed raises rates by 25bps; Bitcoin remains essentially flat
Quick Take
- The Federal Open Market Committee (FOMC) has decided to raise rates by 25 basis points, taking the Fed funds rate to 5%- 5.25%.
- The Fed funds rate is now in line with CPI inflation which is also at 5%; the consensus is now that the rate hikes will be paused to evaluate macroeconomic conditions.
- The FOMC said it seeks to achieve maximum employment and inflation at the rate of 2% over the longer run.
- Following the news of the rate hike, Bitcoin was trading at $28,511 at press time, down 0.55% over the past 24 hours.
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