FOMC Verdict: Rates Raised by 25bps
• The Federal Reserve raised the federal funds rate by 25bps, bringing it up to 4.75-5%.
• Bitcoin’s price has stayed relatively flat at $28,500 following the announcement.
• The Fed expects one more rate hike and is dropping „ongoing rate hikes“ from statements.
Fed Dot Plot & Economic Projections
The Fed sees 5.1% on the median dot plot for the end of 2023 and 4.3% for the end of 2024. The Fed also expects one more rate hike, and is dropping “ongoing rate hikes” from statements in order to emphasize that “the US banking system is sound and resilient“. All eyes are now on Powell who will be discussing the new Fed Dot Plot and economic projections at 6:30 PM GMT.
Bitcoin Price Stays Flat
Upon the announcement, Bitcoin’s price has stayed relatively flat at $28,500, remaining largely unaffected by the news.
James Van Straten Commentary
James Van Straten / Mar 22, 2023 at 6:10 pm UTC says that Jerome Powell raised the fed funds rate by 25bps taking fed funds rate to 4.75 – 5%. James is passionate about data, technology, and identifying trends. He believes that Bitcoin is „the greatest invention of 21st century“
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