So basically as expected.
If you read my post from a couple days ago i said the FOMC would likely be volatile but like always Powell would say they need further data.
This is what happened.
The CPI data gave us hope but Powell, as in all recent meetings stated they need more proof, more data.
The FED gave little indication of when they could cut rates, the CPI and the following FOMC was basically a pump and dump for crypto, as it has been many times this year.
*This is why in my post an hour before FOMC i said dont high leverage or margin based on CPI data, i really hope people are starting to listen to me, i have method in my madness, its not just drama or FUD*
I would also like to point out a Japanese reporter asked about the US inflation effecting outside economies(as i mentioned in a previous post regarding the effect of carry trading) Powell tried to avoid answering saying that it was the treasuries decision how that is handled.
Dont be fooled, the outside effect and the pressure from other central banks will be focused heavily on the FED lowering rates, the longer they stay Substantially above Europe, Canada and Asia the worse it is for the global economy.(Read my "Wednesday is key" post if you want further info)
I think it is a near certainty they will lower rates in September, i think they dont have a choice.
Until then we will just have to suffer the ups and downs of Crypto and eveything that effects its price.
I dont see any sustained break above $2.6T Crypto Market cap until interest rates are lowered, be aware entering longs when we are near this point.
Dont forget tomorrow we have PPI and Unemployement and Friday the BOJ policy decisions.
Most of the storm has passed but we will still have volatility ahead this week.
Be smart
Peace.