Marcus Sotiriou, Analyst at the UK based digital asset broker GlobalBlock
Today is the first day since 2018 in which the Federal Reserve will raise rates as the U.S. struggles with soaring inflation. Fed Chairman Jerome Powell will hold a press conference, where he will be asked about the central bank’s plans for future rises. Earlier this month, Powell said they will likely emulate a rate hike similar to that of 2004, where the Federal Reserve raised rates by 25 basis points 17 times. We will have more clarity today if the Federal Reserve still plans on carrying out a slow and steady rate hike which will not shock the market. We can expect high volatility today which occurs around any major event.
