Fed Hikes 75 Bps Again To Curb Inflation – Bitcoin Magazine

The Federal Open Market Committee (FOMC) raised US interest rates by 75 basis points on Wednesday, the third consecutive hike for a measure struggling with stubborn inflation levels.

According to CME’s FedWatch tool, the market was pricing in an 82% chance of a 0.75% rate hike before the Fed statement was released at 2pm ET. The odds of a historic increase of 100 bp, which had not occurred since 1981, stood at 18%.

Bitcoin touched $18,704 on Bitstamp within 5 minutes of the announcement of the hike, according to data from TradingView. The coin then shot back up to $19,800 within minutes, but the move did not last as it quickly reversed. Bitcoin was trading below $19,000 at press time.

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