Federal Reserve hikes interest rates for first time since 2023 amid stubborn inflation

The Federal Reserve has increased interest rates for the first time since 2023. This monetary policy shift comes as a response to stubborn inflation, with Warsh specifically citing inflationary pressures as the primary driver for the decision. Following the announcement of the rate hike, Bitcoin experienced a significant price spike. The move marks a pivotal change in the Fed's approach to managing the economy after a prolonged period of stable rates since the previous year.