FED Increases Rates by 25 BPS, Crypto Market Remains Bullish

FED Releases FOMC Statement, Increases Rates, Crypto Bullish

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Federal Reserve Board and Federal Open Market Committee released economic projections from the March 21-22 FOMC meeting.

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The Federal Reserve increases rates by 25BPS.

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Recent indicators point to modest growth in spending and production. Inflation remains elevated.

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The Committee decided to raise the target range for the federal funds rate to 4-3/4 to 5 percent to keep inflation at the rate of 2 percent over the longer run.

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Bitcoin is trading at 28,598.50 USD as we write, though Bitcoin has had a positive correlation with lower interest rates in the past.

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Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation.

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The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities.

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