Good evening.
Markets slide, the Federal Reserve hikes interest rates by 0.75%, and Jamie Dimon calls crypto "decentralized ponzi schemes."
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks fell on Wednesday after the Federal Reserve announced its policy decision.
The central bank announced a 0.75% interest rate hike for the third consecutive meeting and signaled further aggressive hiking:
Why did markets fall? The Fed signaled it doesn't plan to wind down its rate increases anytime soon, leaving investors with a dim outlook for the near future.
The crypto market fell on Wednesday, with Bitcoin trading near $18,500 and Ethereum near $1,250, as cryptocurrencies moved lower with stocks.
Catch Up
Mark Zuckerberg’s net worth has dropped by $71 billion in 2022, the most among the ultra-rich.
The 30-year mortgage rate in the U.S. hits 6.25%, its highest level since 2008.
Jamie Dimon said on Wednesday that he is a major skeptic of cryptocurrencies, calling them "decentralized ponzi schemes."