Fed Signals It Will Likely Hike Interest Rate in March to Curtail Inflation
The Federal Reserve is taking off the gloves in its bid to fight a historic surge in inflation. The Fed held its key interest rate near zero Wednesday but said it will “soon be appropriate” to raise it, hinting that an interest rate hike in March is all but certain. The increase would be the first in more than three years and kick off what’s likely to be a flurry of three or more quarter-point increases this year aimed at reining in sharply rising consumer prices. “With inflation well above 2% and a strong labor market, the Committee expects it will soon be appropriate to raise” its key interest rate, the Fed said.
The High Price of a Crypto Salary
Bitcoin prices slipped to a six-month low on Monday. This is bad news for anyone who has invested in crypto, including a motley group of politicians, celebrities, and athletes who’ve recently announced that they’ll accept their paychecks in cryptocurrency. New York City Mayor Eric Eric Adams, basketball player Klay Thompson, and NFL quarterback Aaron Rodgers all face large pay cuts after bitcoin prices fell lower than $33,000 this week, a far cry from a November high of nearly $69,000. NFL wide receiver Odell Beckham Jr., who reportedly converted a $750,000 paycheck into bitcoin, may have lost the equivalent of almost $350,000, according to an analysis from MarketWatch….ReadMore…
