Key Points:
The Federal Reserve FOMC said members are unanimous on the interest rate decision and will continue evaluating further information. The full impact of the tightening is yet to be felt. High interest rates have affected the areas most sensitive to interest rates but have not had a complete impact on the economy.
The labor market is still tight, but the balance of supply and demand is more balanced. Although challenging, the number of jobs available and the number of job seekers gradually became proportional. Inflation has eased but still needs a long way to return to 2%. The Fed has cooled down inflation without significantly weakening the economy/labor market, which is a good thing.
In the face of rising inflation, the Federal Reserve will pay attention to inflation risks and consider tightening monetary policy further to curb inflation. Fed funds futures are pricing in an 18% chance of a rate hike in September and a 36.5% chance in November.
Bitcoin (BTC) and crypto prices have steadily declined following an early Thursday morning rally that began after the US Federal Reserve raised interest rates as expected. BTC recently gained 0.9% over the past 24 hours and trades at $29,400.
Looking at them, the market is relatively stable because today’s scenario is almost entirely determined, and interest rate shocks are not much left for the Fed to surprise. The 2nd largest coin in the market, Ethereum, also recorded a slight increase of 1.14% and was trading at $1,875.
Several altcoins are recording positive gains. Origin Protocols’ OGN token was recently up nearly 20% versus 24 hours earlier. Compound’s COMP, Stellar’s XLM, and Solana’s SOL were up more than 13%, 11%, and 8%, respectively.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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