With today's 25 basis point hike, federalreserve has raised interest rates by a total of 4.5% over the last year. 'Shifting to a slower pace will better allow the committee to assess the economy's progress toward our goals,' Chair Jerome Powell says.
With the 25 basis point rate hike largely priced in, markets were looking for clues in the accompanying policy statement about whether the central bank was mulling a pause in its monetary tightening cycle. For now, that doesn't appear to be the case, with the FOMC saying"ongoing increases" in rates will be necessary.
are currently pricing in a terminal fed funds rate of 4.94%, suggesting the Fed has another one or two 25 basis point rate hikes left before hitting the brakes.Bitcoin is moving higher as Powell speaks, with traders taking note of the Fed chair saying,"[the] disinflationary process has started." Powell also seemed to suggest an end to the rate hike regime was among the topics discussed at today's meeting.
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