The Federal Reserve said on Wednesday that it would raise interest rates by a quarter of a percent (or 25 basis points), pushing forward with its campaign to quell inflation despite two of the largest bank failures in U.S. history in the past two weeks.

It raised interest rates to a target range of 4.75% to 5%, mirroring expectations in Fed futures markets, which had penciled in an 88% chance of a quarter-point rate hike, according to the CME FedWatch Tool.

Cryptocurrency prices initially rose immediately after the announcement, pushing Bitcoin to $28,800, a 2.2% gain over the past day, according to CoinGecko. Ethereum ticked past $1,800. Both BTC and ETH have whipsawed in the half-hour since, and stocks are also flat. 

Fed Chair Jerome Powell had said earlier this month that interest rates might have to go “higher than previously anticipated,” citing stronger-than-expected economic data during remarks made before Congress.

But expectations of future rate hikes from the Fed shifted as signs of stress emerged in the U.S. banking sector, indicating the Fed could take its foot off the break following the closures of Silvergate Ban

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Author: André Beganski,Mathew Di Salvo

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