Fed Chairman Jerome Powell made statements after a 75 basis point rate hike.
Expressing that they are determined to reduce inflation, Powell underlined that they are very careful against inflation risks.
Emphasizing that they are also aware of the serious problems created by high inflation, Powell stated that the rate of increase in interest rates in the coming periods will depend on new data.
“When we looked at the data, we thought that an interest rate hike of 75 basis points was appropriate. After June, we took an aggressive step by looking at the inflation data.
We think that the economy is still not feeling the interest rate hikes we have made. For this reason, more interest rate hikes may come. The interest may be in the range of 3.0-3.5% at the end of the year.”
After the Fed’s interest rate hike announcement, Bitcoin (BTC) rose above the $22,000 level.
