Hawkish Fed Powell Crashes Markets – Bitcoin Magazine

The Federal Open Markets Committee, the U.S. central bank’s body responsible for setting monetary policy, raised interest rates by 75 basis points on Wednesday for the fourth consecutive time as Federal Reserve governors attempt to battle stubborn inflation levels in the country.

Jerome Powell, Chairman of the Federal Reserve and the FOMC, joined a group of journalists for a press conference shortly after the data release, shedding more light on the central bank’s thoughts for future action.

Markets reacted positively to the 0.75% interest rate increase, which came in as expected, but trading became more volatile as the chairman started its speech. While the written statement announcing the interest rate decision showed a new dovish sentence, further fueling the rally, Powell’s press conference combated that feeling as the Fed Chair reiterated previous guidance.