plus the crypto crash deepens. could it spell disaster for el salvador s multi million dollar gamble on bitcoin? we start in the us where the federal reserve has announced the biggest rise in borrowing costs in 28 years. the fed raised its key interest rate by three quarters of a percent and signalled more big increases are on the cards. as our correspondent michelle fleury reports, from washington, it s battling to control the worst inflation in four decades. intensifying its five figure inflation which is currently at a a0 year high reserve raised its key interest rate by three quarters of a percentage point to a range of 1.5 to one and three quarters of a percent, move that will push up borrowing costs for and company. us interest rates haven t been hiked by this much in one go since bill clinton was in the white house in 199a, the size of the mood something federal chair reflected on during his press conference. clearly the 75 basis point is an unusually large one a
days. we are forecasting a0 celsius in paris on saturday, that s very early in the season. it won t be in it won t be as hot in the uk is paris. it s a brief spell of weather because there is a cold front sinking southwards introducing fresh conditions for all over the weekend but also for some, heavy, thundery downpours. in summary, here s the headline. hot and downpours. in summary, here s the headline. hotand humid downpours. in summary, here s the headline. hot and humid across the south with temperatures peaking tomorrow. further north it s cool and cloudy. there will be outbreaks of rain and also sunshine at times. let s take a look at the rest of this afternoon. 0utbreaks let s take a look at the rest of this afternoon. outbreaks of light patchy drizzle for western areas of scotland. perhaps brightness for the east got in. the lion s share of sunshine and england and wales, temperatures into the 20s. there are high pollen levels, hay fever sufferers beware. this eve
to the trillion dollar crypto market? crypto values have slumped in the past few hours, with bitcoin falling below $16,000 a level not seen for more than two years. from new york, michelle fleury has more. cryptocurrencies had already been having a bad year. exactly a year ago, the value of bitcoin hit its all time high. since then, it has lost more than three quarters of its value. now attention has turned to the crypto exchanges. two companies had taken the lead in offering marketplaces where investors could buy and sell their holdings in crypto. one of them ftx had even set about rescuing a number of rival crypto companies when they got in trouble, making its ceo sam bankman fried into something of a celebrity. but it turns out that ftx s own finances were far from solid. a sudden departure of many investors from its market, and a huge sell off in its own cryptocurrency, left ftx on the brink of collapse.
but gilberto, like many people we spoke to, rarely uses bitcoin in chivo, preferring the stability of the digital dollar option. and surveys suggest usage of the app is waning and that salvadorans are confused about this technology. there s also a feeling that, if people do accept a worry about the volatility. the price of bitcoin goes up and down so fast, people are scared to accept it. the government has spent at least $200 million encouraging people to use bitcoin through chivo, and president bukele has spent almost $100 million buying bitcoin, celebrating each purchase with a tweet. the coins have plummeted in value, thanks to recent crypto crashes.