Federal Reserve Bank Raises Interest Rates

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Interest rates in the United States were hiked on Wednesday by 75 basis points by the Fed. It's the highest rate increase in 28 years.

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Cause of the hike: To combat rampant prices, which have roiled the economy and marketplaces, from alternative investments to digital currencies.

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Chairman Powell stated that the US banking system would not proclaim success until they would see compelling proof of lower inflation.

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Bitcoin is currently trading at $20,889. After the announcement, Bitcoin momentarily increased by more than 4%. But the profits were not stable and quickly reversed.

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The Federal Open Market Committee (FOMC) indicated its determination to lower inflation, implying a higher rate hike schedule. The year after, the rate is anticipated to grow to 3.8 percent.

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