The price of bitcoin jumped Wednesday as Federal Reserve chair Jerome Powell said the Fed is likely to raise interest rates by a lower-than-expected 50 basis points in December. By HeleneBraunn
WASHINGTON D.C. – In its eighth and final meeting of 2022, the Federal Reserve will likely raise interest rates by another 50 basis points, or 0.5 percentage point, Fed Chair Jerome Powell implied Wednesday. The previous four Fed rate hikes were for 75 basis points, or 0.75 percentage point.
The Fed chair also said that the terminal rate would be higher than previously forecasted in the latest economic projections by the FOMC in September, which projected rates going as high as 5%.
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