The inflation rate of European countries including Germany (7.9%), France (5.25%), Netherlands (8.8%), and the United Kingdom (9%), shot up in May 2022.
Turkey is the worst-hit G20 nation, with inflation rates soaring past 73.5%, according to data from Trading Economics.
The increasing inflation rate globally is fueled by the rising fuel costs and changing supply-chain dynamics resulting from Russia’s ongoing invasion of Ukraine.
In order to control inflation, the Fed is expected to implement a 0.75% percentage point rate hike, which in turn would tremendously increase bond yields, according to the Wall Street Journal.
The Fed will conduct a meeting to discuss the issue today, with an announcement expected to follow tomorrow if the planned rate hike goes through.
Of the top 10 cryptocurrencies, Cardano (ADA), Solana (SOL) and Dogecoin (DOGE) have shown gains over the past 24-hours. SOL and ADA are both up over 14%, while DOGE is trading slightly higher by 5.6% over the same period.
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