Marcus Sotiriou, Market Analyst at Listed Digital Asset Broker global block (TSXV: Block)
Bitcoin rose above $18,000 yesterday and fell to $17,600 after reaching resistance highs near $18,170. Markets were volatile as usual yesterday as his FOMC meeting took place where the Federal Reserve announced its decision to hike the next US rate.
of federal reserve The expected 50 basis point hike was short of the previous consecutive 75 basis point hikes. The FOMC has decided to slow down the pace of rate hikes following his CPI data released on Tuesday. This indicates that inflation has slowed again and is below expectations.
of FOMC “The Commission aims to achieve maximum employment and inflation of 2% over the long term. I decided to withdraw.”
Additionally, the new dot plot shows that the final interest rate has risen to 5.25%. The dot plot is where each member of the Fed believes rates will plateau, suggesting that the FOMC may need another 75 basis points before it stops raising rates.
Federal Reserve Chairman Jerome Powell remained neutral, but said, “More evidence will be needed to give confidence that inflation is on a sustained downward trajectory.” rice field.
This means that while the Federal Reserve is slowing its pace of rate hikes, the next two months are difficult to predict as the situation approaches a recession.