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In a recent announcement, the Federal Reserve (Fed) raised interest rates by 75 basis points. This choice demonstrates the Fed's serious efforts to combat rising inflation, which has reached 9.1 %, the highest on record in the past 40 years.
The central bank announced this at Wednesday's meeting of the Federal Free Market Committee. US interest rates are now hovering between 2.25 percent and 2.5 percent after a 0.75 percent increase, the highest level since the start of the COVID-19 pandemic.
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The Fed's decision to suppress rising inflation
Some of the main contributors to soaring inflation are housing, food and fuel prices. As more Americans voice their concerns about rising costs, the Fed has made its latest move. A recent CNBC poll found that 96 % people are concerned about rising food, gas and housing prices. However, the expected increase in interest rates, as speculated by the central bank, was 100 basis points.
„Inflace za poslední rok evidentně překvapila a další překvapení mohou následovat. Centrální banka by v případě potřeby zvážila ještě větší zvýšení, pokud bude v budoucnu potřeba,“ řekl předseda Federálního rezervního systému Jerome Powell.
The government also expects a recession to come soon, which may hit global markets soon. As expected, the crypto market reacted positively to the news. At the time of writing, Bitcoin and Ethereum have received 8.87 % and 16.2 % respectively.
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