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📉 U.S. Federal Reserve’s Decision: A Market Game-Changer? 📊
The U.S. Federal Reserve’s decision to hold interest rates steady at 5.25%-5.5% has eased market fears of a hawkish stance.
The FOMC policymakers projected a reduction in interest rates to 4.6% by the end of 2024, aligning with their December outlook and calming market nerves.
Prior to the announcement, the market had anticipated the first rate cut in June. Post-announcement, the odds for at least one rate cut by June rose to 70%.
This decision comes amidst higher-than-expected CPI and PPI reports, sparking concerns about potential inflation acceleration.
Digital asset management firm 21Shares observed, “Tighter monetary policies dampen risk appetite in financial markets while lower rates increase the allure of asset classes such as crypto.”
Bitcoin (BTC) experienced a surge in trading around the time of the meeting. It was trading around $64,000 before the meeting, up from its overnight low of $60,700, and spiked to $64,700 immediately after the decision.
The CoinDesk Bitcoin Index (XBX) saw an increase of 0.5% over the past 24 hours, while the broad-market CoinDesk 20 Index (CD20) declined over 2% during the same period.
#TrendingTopic #BTC #XBX
The U.S. Federal Reserve’s decision to hold interest rates steady at 5.25%-5.5% has eased market fears of a hawkish stance.
The FOMC policymakers projected a reduction in interest rates to 4.6% by the end of 2024, aligning with their December outlook and calming market nerves.
Prior to the announcement, the market had anticipated the first rate cut in June. Post-announcement, the odds for at least one rate cut by June rose to 70%.
This decision comes amidst higher-than-expected CPI and PPI reports, sparking concerns about potential inflation acceleration.
Digital asset management firm 21Shares observed, “Tighter monetary policies dampen risk appetite in financial markets while lower rates increase the allure of asset classes such as crypto.”
Bitcoin (BTC) experienced a surge in trading around the time of the meeting. It was trading around $64,000 before the meeting, up from its overnight low of $60,700, and spiked to $64,700 immediately after the decision.
The CoinDesk Bitcoin Index (XBX) saw an increase of 0.5% over the past 24 hours, while the broad-market CoinDesk 20 Index (CD20) declined over 2% during the same period.
#TrendingTopic #BTC #XBX
