Wednesday, February 28, 2024

Federal Reserve Keeps Interest Rates Steady, Bitcoin Responds with Significant Fluctuations

According to a post on social media by Nick Timiraos, a Wall Street Journal reporter, Federal Reserve officials has agreed to keep interest rates unchanged following 10 consecutive hikes. However, the Federal Reserve hinted that they may consider a rate hike next month if the economy and inflation don’t show further signs of cooling down.

Following a two-day policy meeting, the majority of Fed members predict that there will be two more rate hikes this year. The forecast for economic growth and inflation was also raised in the economic prediction released on Wednesday.

The news from the Federal Reserve meeting had a noticeable impact on bitcoin price. The value of the cryptocurrency experienced significant fluctuations, peaking at 26,100 and bottoming out around 25,750 within minutes of the announcement. The correlation between the Federal Reserve’s policy changes and cryptocurrency market reactions highlights the interconnectedness of traditional and digital economies. The upcoming actions of the Federal Reserve will undoubtedly be closely watched by both investors and market analysts.

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