The U.S. Federal Reserve raised the federal funds rate by 50 basis points, increasing it to a range of 4.25% to 4.5%, the highest since 2007.
Today's interest rate decision was largely expected, with traders pricing in such a rise ahead of time. The price of bitcoin dipped below $18,000 following the news.
The central bank said it remains "highly attentive" to inflation risks. Policymakers projected rates would peak next year at 5.1% before being cut to 4.1% in 2024. That’s higher than previously predicted.
(by Adam Morgan McCarthy)
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