🚨 NEW: Federal Reserve has announced its biggest interest rate hike since 1994 — here's how Bitcoin reacted
Bitcoin remained above the psychologically significant threshold of $20,000 when the announcement was made — and brutal sell-offs earlier on Wednesday were linked to nerves over what the Fed would announce.
Explaining why inflation remains elevated, rather than "transitory" as Chairman Powell had previously described, the Fed said: "The invasion of Ukraine by Russia is causing tremendous human and economic hardship. The invasion and related events are creating additional upward pressure on inflation and are weighing on global economic activity. In addition, COVID-related lockdowns in China are likely to exacerbate supply chain disruptions."
To bring current levels of inflation into context, the Fed usually has a target of 2% — and the central bank said it is "strongly committed" to delivering a return back to this level.
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