Bitcoin Erases Losses As Fed Raises Interest Rates By 0.75% In Largest Hike Since 1994 Today

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The Federal Open Markets Committee (FOMC) raised its target interest rates by 75 basis points on Wednesday, the largest rate hike since 1994.

The raise came in line with market expectations that foresaw a more hawkish committee in action as latest inflation figures came above expectations, marking a new 40-year high at 8.6%. FOMC Chair Jerome Powell, who also serves as chair of the Federal Reserve, had said in the beginning of May that the committee would enact a 50 basis point raise in June had market data such as the consumer prices index (CPI) come as expected.

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