.federalreserve has announced another massive rate hike
With its most recent decision, which was taken unanimously, the Federal Open Market Committee has now moved the federal funds rate to the 3.75% to 4% range. It is worth noting that it was in a range of zero to 0.25% back in March.
Investors believe that the Fed will likely hike the benchmark rate by 50 basis points in December, but strong employment numbers suggest that the central bank might go for its fifth consecutive 75-basis point hike in a row. Traders see a 98.4% chance of such a scenario playing out next month, according to Fed Funds futures. , which might explain why crypto and stocks both rallied to intraday highs following the announcement.
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