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- The FOMC meeting is expected to have a positive outcome for the crypto market.
- The Fed will announce its interest rate decision today at 9:00 PM Turkey time.
The US Federal Reserve
The Fed’s Interest Rate Decision is Announced Today!
This year, the price of Bitcoin (BTC), the world’s largest cryptocurrency by market value, has increased by more than 73%. The Bitcoin price rally was caused by the ongoing banking crisis and macroeconomic concerns in the US. In addition, the upcoming Federal Open Market Committee (FOMC) meeting is expected to have a positive outcome for the crypto market.
The Fed will announce its interest rate decision to the public at 9:00 PM Turkey time. Fed Chairman Jerome Powell will speak at a press conference 30 minutes after the meeting.
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The Fed Committee will discuss the best way to achieve the central bank’s long-term target of reducing inflation to 13.3%. In addition, some analysts believe that if Fed Chairman Powell chooses not to announce a pause in the tightening cycle, it could temporarily harm the rally.
Expectations for the Fed’s Interest Rate Decision
While the crypto market expects another important interest rate hike decision from the US Federal Reserve amid growing banking crisis and debt ceiling concerns, Bitcoin and Ethereum continue to gain momentum. It is expected that the Fed will raise interest rates by 25 basis points and raise borrowing rates to between 5% and 5.25% after Wednesday’s monetary policy meeting.
Former President of the Dallas Federal Reserve Bank, Robert Kaplan, argues that the US Federal Reserve should consider a “princely pause” in its aggressive interest rate hike campaign while maintaining its tightening stance. Kaplan warns that the banking crisis may be just beginning as regional US bank stocks fell sharply on Tuesday.
JPMorgan’s chief market strategist, Tai Hui, acknowledges that the economy is gradually slowing down and recommends a pause after a 25 basis point interest rate hike. He refers to the interest rate hike by the Reserve Bank of Australia last month and predicts a rate cut later this year as the Fed aims to bring inflation to its target rate by 2024.
The news of The Fed’s Interest Rate Decision is Coming: Its Effect on Bitcoin! was first published on CoinOtag.