Crypto Market Braces For FOMC & Jerome Powell’s Speech, What To Expect?

The crypto market braces for potential volatility ahead of the FOMC decision and Jerome Powell's speech amid inflation concerns.

The crypto market has gone through a rollercoaster lately, witnessing a surge in global investor interest followed by a sudden downturn last Friday. On March 15, Bitcoin, the flagship cryptocurrency, experienced a drop from its recent peak, prompting concerns among investors.

However, it quickly regained momentum, indicating ongoing confidence in the digital asset segment. Meanwhile, amid this volatility, all eyes are now on the upcoming Federal Open Market Committee (FOMC) decision and Fed Chair Jerome Powell’s speech, slated for March 20.

Crypto Market Focusing On FOMC & Jerome Powell’s Speech

The recent release of inflation data has stirred speculation in the global financial sector, let alone the crypto market. Notably, the Consumer Price Index (CPI) for February surpassed expectations, recording a 3.2% increase.

In addition, the Producer Price Index, another key gauge to measure inflation, rose by 1.6% in the same period, raising concerns about future Fed actions regarding interest rates. This data has influenced the crypto market sentiment, with investors now anticipating a potential shift in the Fed’s rate-cut plans. Notably, the market now bets for a three-rate cut in 2024, down from five as previously anticipated.

Meanwhile, the hotter-than-expected inflation figures have led to a reassessment of future Federal Reserve policies, particularly regarding interest rates. The unexpected surge in both CPI and PPI has prompted investors to speculate on whether the Fed will maintain its current stance or opt for a different course of action.

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