Fed raises rates by 25bps; Bitcoin remains essentially flat

Quick Take

• The Federal Open Market Committee (FOMC) has decided to raise rates by 25 basis points, taking the Fed funds rate to 5%- 5.25%.
• The Fed funds rate is now in line with CPI inflation which is also at 5%; the consensus is now that the rate hikes will be paused to evaluate macroeconomic conditions.
• The FOMC said it seeks to achieve maximum employment and inflation at the rate of 2% over the longer run.
• Following the news of the rate hike, Bitcoin was trading at $28,511, down 0.55% over the past 24 hours.