The Federal Reserve raised its benchmark interest rates by 0.25 points to a range of 3.75% to 4%, an unanimous decision aimed at combating inflation that has exceeded the 2% target for several years. Consumer price index stood at 3.4% in August while the PCE index reached 3.7%, with oil prices surpassing $100 per barrel due to the Iran conflict. Donald Trump strongly criticized the decision while affirming he still had confidence in Kevin Warsh, whom he personally appointed as Fed Chair. The central bank indicated that further rate hikes were likely before year-end, a potentially unfavorable environment for risk assets such as Bitcoin, which was trading around $76,000 at the time of the announcement.
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