Bitcoin Jumps As Fed Raises Interest Rates By 0.75%


The Federal Open Markets Committee (FOMC) raised its target interest rates by 75 basis points on Wednesday, the largest rate hike since 1994.

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The raise came in line with market expectations that foresaw a more hawkish committee in action as latest inflation figures came above expectations, marking a new 40-year high at 8.6%. FOMC Chair Jerome Powell, who also serves as chair of the Federal Reserve, had said in the beginning of May that the committee would enact a 50 basis point raise in June had market data such as the consumer prices index (CPI) come as expected.


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