Federal Reserve raises interest rates by 25 bps, Bitcoin price floats above $29,000🔥
The Federal Reserve lived up to its promise of raising interest rates despite hitting a pause at the last meeting. The Federal Open Market Committee (FOMC) today announced a 0.25% rise in the Fed Funds target rate to 5.25-5.50%. In its policy statement, the Fed reiterated that policymakers would continue to assess incoming data in terms of its implications for policy moving forward.
The Federal Reserve ended up hiking interest rates by 0.25%, as expected, bringing the Fed Funds target rate to 5.25% - 5.50%
The central bank noted that it remains committed to returning inflation to its 2% objective.
Bitcoin price observed no significant reaction as it continued to trade above $29,300.
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