Fed slows interest rate hikes, signals 'ongoing increases'

The unanimous decision by the Federal Open Market Committee was in line with financial market expectations.“The committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to two per cent over time,” the Fed said in a statement issued after the two-day policymaking meeting, repeating language it has used in previous communications.

Investors will be watching to see if Powell pushes back against market expectations that the Fed will it end its tightening campaign soon and cut rates later in the year as inflation eases and economic growth slows.Article content Most private economists though don’t think the Fed will get by without pushing the U.S. into a downturn. Forecasters surveyed by Bloomberg in January put the probability of a contraction over the next year at 65 per cent.

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Bitcoin slides to support at $22,700 as all eyes turn toward the FedThe crypto market slides into correction territory following several weeks of gains as investors focus on this week's interest rate announcement from the Fed.
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