After the inflation report for May that revealed the inflation of a staggering 8.6%, on June 15th, Fed increased interest rates by 0.75 percentage points. This is the biggest interest rate hike since 1994. This brings the Fed’s benchmark federal-funds rate to a range between 1.5% and 1.75%.
Interestingly, Crypto and the stock market had already priced this in a few days ago before Fed’s announcement.
Between June 9 – 13th, Bitcoin fell by 25.9%, NASDAQ fell by around 10.2% and S&P 500 by 8.8%. Despite the market crash, the officials expect a rise in benchmark rates to at least 3% this year.
Check the news report here, treasury rates charts, and interactive yield curve graphs.
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