Jerome Powell, the chairman of the FOMC, says it is too soon to think about stopping rate increases. The Fed chair predicted that rates would ultimately be higher than anticipated. Following the announcement, bitcoin initially rose, but it fell 1.8% after his remarks. According to the FOMC, continuing hikes in the target range will be necessary to bring inflation back to 2%. Importantly, the Fed stated that it will take a number of variables into account before making any increases, including “the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial events.”
That’s it for today, see you tomorrow