Bitcoin Surges Past $40,000 as Fed Hikes Interest Rates

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The Federal Reserve has raised interest rates for the first time since 2018 in a bid to begin curbing inflationary pressures it blames on supply and demand imbalances and rising energy prices.

The U.S. central bank hiked its target range for the federal funds rate by 0.25 basis points and anticipates further, ongoing increases in future meetings, according to a Wednesday statement by its Federal Open Markets Committee (FOMC).

The committee met over the past two days to discuss strategies the Fed could take to bring inflation back within its 2% target range as the metric has stayed far above that goal for over a year, soaring past 40-years-high levels.

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