US Fed hikes interest rates, Bitcoin plunges below $36K, and Argentina’s cent...
Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.Top Stories This WeekFed hikes interest rates by 50 basis points in effort to combat inflation On Wednesday, the United States Federal Open Market Committee (FOMC) voted to raise interest rates by 0.5%, marking its biggest upward adjustment in over two decades. It was the second rate increase of 2022, with seven increases expected in....
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The FOMC increased interest rates by 0.75 percentage point while indicating ‘unusually large’ hikes may be appropriate in future meetings; Bitcoin’s price jumps.
The Federal Reserve on Wednesday told the public that it has forwarded the time frame for raising interest rates. “Progress on vaccinations will likely continue to reduce the effects of the public health crisis on the economy, but risks to the economic outlook remain,” the Federal Open Market Committee (FOMC) said in a statement. The Meeting Before the ‘Meeting’ – Fed Expects Two Rate Hikes in 2023 After a number of market players waited for the Federal Reserve to reveal some signals, they got some on June 16, when 13 of the FOMC’s 18 committee members....
The United Nations Conference on Trade and Development (UNCTAD) has warned that the U.S. Federal Reserve’s interest rate hikes and the slew of other central banks raising rates, could pose harm to the global economy. UNCTAD calculated that for every Fed basis point rise, the economic output of wealthy countries declines by 0.5%, and for poorer countries, the value of all sales of goods and services is reduced by 0.8% for a duration of three years. UNCTAD Report Criticizes Central Bank Rate Hikes During Global Economic Downturn Monetary tightening measures may not be a good idea....
Following the United Nations Conference on Trade and Development (UNCTAD) report that the U.S. Federal Reserve should stop raising rates, Ark Invest CEO Catherine Wood has published an open letter to the U.S. central bank asking the institution to stop raising interest rates. Wood says that the “unprecedented 13-fold increase in interest rates” has not only shocked the world but it’s also pushing the economy toward risking a “deflationary bust.”
Ark Invest’s Catherine Wood Says Fed’s Last 75bps Rate Hike Was ‘Surprising,’....
Following the latest meeting of the monetary policy committee, the Central Bank of Nigeria says it has hiked the monetary policy rate to 15.5%. By increasing the key interest rate by 150 basis points, the central bank hopes to “narrow the negative real interest rate gap and rein in inflation.” The rate increase came just days after the naira’s parallel exchange rate against the dollar plunged to a new low. Narrowing the Negative Real Interest Rate Gap According to the Central Bank of Nigeria (CBN), members of the bank’s monetary policy committee (MPC) have....