Bitcoin Erases Loss S Fed Rises Interest Rates B 0.75% In Largest

The rise in prices has been in line with market expectations, which have prompted more hawkish committees to act as the latest inflation figures come in above expectations, marking a new 40-year high of 8.6%. FOMC Chair Jerome Powell, who also serves as the chair of the Federal Reserve, said in early May that the committee would enact a 50 basis point increase law in June if the Consumer Price Index (CPI) came to market as expected.

Powell explained the reasoning behind the course change at a news conference Wednesday after the announcement of the FOMC monetary policy decision, leaning on inflation - which he said again surprised the opposite.