Bitcoin Drops As Federal Reserve Announces No Rate Cuts In June
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The Federal Reserve announced on Wednesday that it would not change its policy interest rate despite increasing political pressure to change course.
No Rate Cuts Yet, Says Federal Reserve
In a press release, the Federal Reserve declared that job growth and economic expansion have âremained strongâ while inflation has only seen âmodest progressâ towards its 2% target.
âThe Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committeeâs goals,â the statement read.
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This comes after the U.S. Bureau of Labor Statistics (BLS) released its latest inflation CPI inflation figures, showing 3.3% annualized inflation in May.
Thatâs slightly above the 3.4% inflation reading in April, and a notch above what economists were expecting, according to Reuters.
âIndexes which increased in May include shelter, medical care, used cars and trucks, and education,â wrote the BLS on Wednesday. Among other things, costs for new vehicles, communication, and recreation dropped over the month.
A lower inflation reading was a signal to markets that the Federal Reserve is getting closer to its 2% inflation target, and thus could be more willing to lower its policy interest rate back down to standard levels.
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Thatâs bullish for both stocks and crypto, which have historically performed well when itâs cheap for investors to borrow money.
Bitcoinâs Price Reaction
Bitcoin surged 3% on Wednesday morning following the May CPI print but dropped slightly after the Fedâs largely expected no-cuts announcement.
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While the central bank said after its last meeting that it âdoes not expect it will be appropriate to reduce the target rangeâ anytime soon, certain developments in June gave reason to believe the Fed might hesitate.
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