Fed Goes Big Again With 75 Basis Point Hike In Bid To Curb Inflation Today

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The Federal Open Markets Committee (FOMC) raised U.S. interest rates by 75 basis points on Wednesday, the third hike in a row of such a size as it wrestles with stubborn inflation levels.

The market was pricing 82% probability of a 0.75% increase in rates ahead of the release of Fed’s statement at 2 p.m. ET, according to CME’s FedWatch tool. The odds of a historic 100bps increase, which hasn’t happened since 1981, sat at 18%.

Bitcoin touched $18,704 on Bitstamp within 5 minutes of the hike’s announcement, per TradingView data. The coin then shoot back up to $19,800 in minutes, but the movement didn’t last as it quickly reversed down. Bitcoin was exchanging hands below $19,000 at press time.

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