Bitcoin remains in limbo after the most recent rate hike
made a decision to hike its target interest rate by a quarter of a percentage point during its first policy meeting of 2023.
This came after the world’s most powerful central bank implemented a series of significant interest rate hikes last year in order to battle inflation. Bitcoin’s terrible performance in 2022 was mainly attributed to the Fed’s extremely hawkish monetary policy. For now, however, a Fed pivot remains unlikely, and the central bank is determined to continue its inflation fight. The Bitcoin price experienced minor volatility following the announcement, currently trading at roughly $23,000.
Fed Chair Jerome Powell has signaled that the Fed is determined to stay the course until the job is done. He added that it would take more time for the full effect of Fed actions to be visible. He has stressed that the central bank is yet to reach a"sufficiently restrictive level" on interest rates.
At the same time, Powell described recent inflation data as"encouraging." However, more data is needed in order to be able to see the bigger picture. For now, declaring a victory would be premature for the Fed, according to Powell.
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