The Fed leaves rates unchanged but says interest rates could rise soon 'with inflation well above 2 percent.' Bitcoin was up 2.5% after the decision. HeleneBraunn reports
The U.S. Federal Reserve said Wednesday it would hold interest rates near zero, even as it edges closer to removing some of the extraordinary stimulus provided to financial markets since the coronavirus hit in March 2020.
Crypto traders are monitoring the report because some analysts say bitcoin's price sometimes moves in response to Fed decisions. A removal of monetary accommodation tends to put downward pressure on prices of assets considered risky, including cryptocurrencies as well as stocks. The latest Fed decision comes as the central bank already has been winding down its asset-purchasing program – an emergency source of market support that involved creating tens of billions of dollars a month of fresh money to buy Treasury bonds and mortgage securities.
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