The Federal Reserve (FED) has announced its expected interest rate decision.
The Fed announced that it was raising interest rates by 75 basis points. This 0.75% increase means that the largest rate hike since 1994.
After the interest rate was increased, the value of Bitcoin also decreased. At the time of writing, Bitcoin is trading at $20,763.
The FOMC said it was strongly committed to the Fed’s policy of reducing inflation to 2%.
The FOMC also revised some data:
GDP forecast for 2022: 1.7% (previously 2.8%)
Average interest rate expectation for 2022: 3.4% (previously 1.9%)
Unemployment rate expectation for 2022: 3.7% (previously 3.5%)