The U.S. Federal Reserve has raised the US federal funds rate by 75 basis points, marking a 15-year high.

Wednesday’s interest rate decision was largely expected with traders pricing in a rise of 75 basis points ahead of time.

The Fed aims to achieve maximum employment and inflation at a rate of 2% over the longer run, as previously stated. In an effort to reach these goals, the Federal Open Market Committee (FOMC) raised the target range for the federal funds rate to 3.75-4%. 

The move was largely expected with trader pricing in the decision ahead of time. All eyes are on a potential Fed pivot at the Dec. 14 meeting. 

"The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time," the Fed said, notably adding:

"In determining the pace of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments."

Bitcoin's price whipsawed on the news, trading above $20,650.

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