As expected, the Fed hiked its benchmark fed funds rate by 25 basis points on Wednesday. The price of bitcoin remains at $29.3K following the news and awaits Jay Powell's post-meeting press conference. $BTC LedesmaLyllah reports
The Federal Open Market Committee of the U.S. Federal Reserve concluded its two-day policy meeting Wednesday by resuming rate hikes after a one-meeting pause, raising its benchmark fed funds rate by 25 basis points to a targeted range of 5.25%-5.50%.Today’s move is a resumption of tightener monetary policy by the Fed, which at its meeting six weeks ago had paused what had then been a 15-month sting of consecutive rate hikes.
"Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation," said the."The extent of these effects remains uncertain," the statement continued."The Committee remains highly attentive to inflation risks." In addition to parsing the policy statement, market participants will be closely following Fed Chair Jerome Powell’s post-meeting press conference for clues about the central bank’s plans for its next meeting in September and beyond.
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