The U.S. Federal Reserve sticks to its goal of reducing inflation to 2% and raises interest rates by another 25 bps to 4.75%-5%. Fed Chair Jerome Powell said officials don’t see rate cuts this year and could raise rates higher than expected if needed. He also added that US banks are “sound”. Meanwhile, Treasury Secretary Janet Yellen disclosed that the FDIC will not offer “blanket insurance” for all bank deposits.
Notable personalities including Tesla CEO Elon Musk, billionaire Bill Ackman, former Coinbase CTO Balaji Srinivasan, and Ark Invest CEO Cathie Wood criticized the U.S. Federal Reserve’s rate hikes amid the banking crisis.
(By Varinder Singh)
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