Bitcoin Rips As Fed Raises Rates By 0.75% – Bitcoin Magazine

  • The FOMC raised target rates for the federal funds rate by 75 basis points.
  • Federal Reserve Chairman Jerome Powell indicated “unusually large” increases could be appropriate in future meetings.
  • Powell also stated a period of economic slowdown will be necessary to restore price stability.

The Federal Open Markets Committee (FOMC) raised its target interest rate for the federal funds rate by 75 basis points, or 0.75%, on Wednesday marking the highest back-to-back rate increase since the 1980’s.

The Chairman of the FOMC and Federal Reserve, Jerome Powell, addressed the rate increase during the customary follow-up press conference.