The Fed Codifies Fourth Consecutive 75bps Rate Hike — Stocks, Bitcoin, and Me...
The U.S. Federal Reserve introduced another jumbo rate hike on Wednesday, Nov. 2, 2022, by hiking the federal funds rate (FFR) by 75 basis points (bps). The American central bank said on Wednesday that the hike aims to curb inflation and the Fed says “recent indicators point to modest growth in spending and production.” U.S. Central Bank Hikes the Federal Funds Rate by 75bps While U.S. president Joe Biden hosted an event called the “Infrastructure Talent Pipeline Challenge,” the country’s central bank increased the FFR once again by 75bps on Wednesday.....
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On Nov. 3, 2022, the Bank of England followed the U.S. Federal Reserve by codifying the eighth consecutive benchmark bank rate hike by 75 basis points (bps). The increase brings the United Kingdom’s main lending rate to 3%, after a majority of the Monetary Policy Committee (MPC) members voted in favor of the 75bps increase. Bank of England Hikes Repo Rate by 75bps, Monetary Policy Committee Insists More Rate Increases Will Be Needed to Obtain 2% Inflation Rate Goal Seven out of nine MPC members voted in favor of a 75bps rate hike, while two MPC members voted for lower increases.....
On Thursday, the European Central Bank (ECB) announced the central bank’s third consecutive benchmark bank rate increase this year, raising the rate by 75 basis points (bps). In addition to the rate hike, the ECB changed the central bank’s targeted longer-term refinancing operations terms and conditions noting that they need to be “recalibrated.” ECB Hikes Rate in Attempt to Curb Red-Hot Inflation Eight days ago, the European Union’s statistics office Eurostat published the latest inflation report for September. Eurostat’s records indicated that Euro area annual inflation jumped to 9.9% in....
While precious metals, stocks, and cryptocurrencies saw a significant downturn this week, the U.S. dollar tapped a 20-year high against the Japanese yen and a number of other currencies. The greenback has seen five weeks of consecutive gains following the Federal Reserve’s 50 basis point rate hike on Wednesday.
Greenback Climbs Higher Amid Economic Uncertainty
Before the U.S. central bank’s rate hike, the U.S. dollar tapped a two-year high and a 20-year high against the Japanese yen last week. Economic concerns are tied to the ongoing and strict Covid-19 lockdowns....
The FOMC meeting is currently looming above the financial markets, including bitcoin, given that it is just a few days away. Previous interest rate hike trends and the fact that inflation remains a prominent threat have led to a negative outlook for the FOMC meeting. It is expected that another Fed interest rate hike is on the horizon, which will no doubt have a profound effect on the crypto market. FOMC Meeting Draws Near The next FOMC meeting will take place on November 1-2 according to the official schedule. It happens around once every one to two months and is important as this is....
Today’s Federal Reserve (Fed) FOMC meeting could decide the fate of crypto and Bitcoin for the coming weeks and months. As NewsBTC has reported in recent weeks, financial markets around the world are hanging on every word from the Federal Reserve to predict future policies. Currently, there is little doubt that the FED will raise the interest rate by 75 basis points (bps) today, which would be the fourth consecutive hike. However, for the next meetings in December and January, the futures market is divided. To that extent, the main focus of today’s session will be on the....