Good evening.
Markets tumble, the Fed unwinds its pandemic support, and nearly 50% of crypto owners first bought digital assets in 2021.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks fell on Wednesday as investors digested the Fed's plans to tighten monetary policy.
Fed officials 'generally agreed' to shrink the central bank balance sheet by $95B a month, likely starting in May.
Why it matters: The Federal Reserve's support during the pandemic helped keep the stock market moving higher.
Now, the Fed is in the process of unwinding that support. This is causing anxiety among investors.
The crypto market fell on Wednesday, with Bitcoin trading near $43k, as cryptocurrencies moved lower with the broader market.
Catch Up
Treasury Secretary Janet Yellen cautioned Wednesday that Russia’s attack on Ukraine could cause a major hit to the global economy.
Almost half of crypto owners in the U.S. bought crypto for the first time last year.
The Biden administration announced that it will extend the pause on federal student loan payments to August 31, 2022.