Federal Reserve raises interest rates for first time since 2023

The U.S. Federal Reserve has raised the key interest rate range by 25 basis points to 3.75-4% per annum, marking the first hike since July 2023. The FOMC decision was unanimous and aligned with market expectations. Fed Chair Kevin Warsh emphasized a commitment to reaching the 2% inflation target, citing economic growth and low unemployment despite persistent inflationary pressures. Bitcoin responded with a modest 1% gain, holding above $76,000, while the broader crypto market also saw a slight increase in total capitalization.