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The latest minutes of the Fed's meeting show that policymakers believe that the inflation data in the first quarter is not good, and it may take longer for inflation to fall. The minutes suggest that the market should not rush to expect interest rate cuts, and high interest rates may last longer. In addition, some officials said that if the inflation problem rekindles, the Fed will further raise interest rates, and this statement has once again suppressed market sentiment.

Overall, the hawkish statement in the Fed's meeting minutes may cause cryptocurrencies to fall back in the short term. But in the medium and long term, the central bank's gold purchase support remains, and the Fed's monetary policy has not changed. The long-term trend of cryptocurrencies can still be expected. Pay attention to the latest statements of Fed officials and the core PCE data that will be released next week.

Personal guess

Even if there are strong hawks, Powell's political inclination to belong to the Democratic Party is too obvious. The expectation of interest rate cuts this year has been raised because of the election.