U.S. Federal Reserve officials have voted to keep interest rates unchanged during their June 9-10 meeting, CNBC reports.
Moreover, they were predicted to remain close to zero until 2022 by the central bankers. During that period, the U.S. economy is expected to recover from the pandemic-induced blow that is projected to shrink it by 6.5 percent in 2020.
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Both U.S. stocks and Bitcoin have positively reacted to the dovish forecast made by the Fed.
The S&P 500 index is currently in the green after surging to an intraday high of 3,221 points, extending its stellar rally.
The Bitcoin price has finally stopped trading within a tight range and ripped sharply higher, surpassing the $10,000 mark for the first time since June 2.
However, the top cryptocurrency hasn’t managed to stay in the five-digit territory for too long. At the time of writing, it is changing hands at $9,933 as the bulls are taking a respite.
Tomiwabold Olajide
