Federal Reserve Announces 0.5% Interest Rate Cut, Bitcoin Soars Above $60K

By / / Cryptocurrency / 1 minute of reading



The Federal Reserve announced on Wednesday that it will lower its benchmark interest rate by 50 basis points, marking the central bank’s first cut since the start of the COVID-19 pandemic.

Immediately after the announcement, Bitcoin’s price rocketed back above $60,000, while the S&P500 shot up by 0.7%.



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Avatar of Krista Sullivan
Krista Sullivan, who writes about politics, health, business, and finance for Hermes News, is a lifelong news junkie. She spent her childhood reading the newspaper from front to back every day and developed an interest in politics at a young age. After graduating from college, Krista worked as a reporter for several local newspapers before moving to Hermes News in 2015. She has been covering the economy since then and enjoys writing about new developments in the field.

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