The U.S. Federal Reserve raised its benchmark fed funds rate by 25 basis points to a target range of 4.75%-5%, inline with most market participants.
The price of bitcoin (BTC) rose about $250 to $28,700 in the immediate aftermath of the decision.
In its statement accompanying the rate hike Wednesday afternoon, the Fed's Federal Open Market Committee (FOMC) acknowledged this month's bank system troubles, saying "recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation."
(By Stephen Alpher)
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