Federal Reserve Hikes Rates to 4% Amid Inflation Concerns

The Federal Reserve raised interest rates to a range of 3.75% to 4.00% in a unanimous vote, marking the first increase since July 2023. The FOMC cited solid economic expansion and job growth, but noted that inflation remains elevated. The decision follows a rebound in U.S. retail sales. Meanwhile, the cryptocurrency market faces additional pressure following the failure of the CLARITY Act in the Senate.