The Fed - as expected - hiked by another 25 bps today, but in its policy statement suggested a pause in the long rate hike cycle could be at hand. The price of bitcoin is little-changed on the news. SteveAlpher reports
The U.S. Federal Reserve's Federal Open Market Committee continued its year-plus string of rate hikes on Wednesday, lifting the fed funds rate by 25 basis points to a targeted range of 5%-5.25%.
While inflation has fallen from nearly a double-digit pace one year ago to the current level of about 5%, it remains well above the Fed's 2% target, suggesting further tightening of monetary policy is necessary. The Fed, however, is fighting a two-front war, with its rate hikes possibly having helped expose balance sheet issues at a number of U.S. banks. This past weekend saw the latest in a series of lender failures, with the nation's 12th-largest bank by assets, First Republic , requiring a joint rescue by the Federal Deposit Insurance Corporation and JPMorgan .
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