In the end, fears about the persistence of inflation forced the hand of the Fed and the U.S. central bank, while reiterating that it will continue to purchase assets at a pace of $120 billion per month in the third quarter, announced that it might raise interest rates twice in 2023 instead of in 2024 or later, as promised in March. Bond purchases could also end sooner than said, as evidenced by the fact that the Fomc (the Fed's operating arm) has already begun discussing options for suspending purchases. This is why Tiffany Wilding, economist at Pimco, would not be surprised if the Fed announced the first tapering move as early as September.

What do you need to do to protect yourself?
Buy Bitcoin, of course.