As crypto and traditional markets rose in Asia overnight Monday, the US Federal Reserve announced a 75-basis point rate increase to combat the worst inflation in some 40 years.
- Interest rates in the United States are now running in the 2.25 percent to 2.50 percent range, the fastest tightening since the 1980s.
- Fed Chair Jerome Powell dismissed the notion that the United States was in a recession due to the current high employment rate.
- Powell acknowledged the pain that the sharp increase was causing low-income earners, but said that aggressive fiscal tightening was required to combat runaway inflation.
- In the 24 hours before Asian business hours on Monday, all major tokens were trading higher, with Bitcoin up over 8% and Ethereum up 14.5 percent to trade at US$22,840 and US$1,625, respectively.