The Federal Reserve has cut its benchmark interest rate by 50 basis points for the first time since the COVID-19 pandemic began. 📉

Immediately after the announcement, the price of Bitcoin soared above $60,000, while the S&P 500 rose by 0.7%. The Fed is confident that inflation will return to 2%, despite its high level.

Rate cuts are usually good for Bitcoin, as they make it cheaper to borrow to buy risky assets.