Business as usual! Bitcoin gets volatile on another 75-basis-point Fed rate hike.
The Fed confirmed the 0.75% hike, which marks its most intensive hiking schedule in forty years, in a“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 3-3/4 to 4 percent,” it stated.
“The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.” Analysts had long predicted increased volatility around the rate decision. At the time of writing, Fed Chair Jerome Powell was still to deliver comments on the move, something markets would be keenly eyeing for trajectory cues.
“Beware, volatility will remain high during this event, fake-outs happen before the real move takes place!” Michaël van de Poppe, founder of trading firm Eight,
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