Fed Goes Big Again With 75 Basis Point Hike In Bid To Curb Inflation

Bitcoin Magazine

The Federal Open Markets Committee (FOMC) raised U.S. interest rates by 75 basis points on Wednesday, the third hike in a row of such a size as it wrestles with stubborn inflation levels.

The market was pricing 82% probability of a 0.75% increase in rates ahead of the release of Fed’s statement at 2 p.m. ET, according to CME’s FedWatch tool. The odds of a historic 100bps increase, which hasn’t happened since 1981, sat at 18%.

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Bitcoin touched $18,704 on Bitstamp within 5 minutes of the hike’s announcement, per TradingView data. The coin then shoot back up to $19,800 in minutes, but the movement didn’t last as it quickly reversed down. Bitcoin was exchanging hands below $19,000 at press time.

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