The past few days have been filled with significant events, with one of the most noteworthy being the recent FOMC meeting. As anticipated, the US Federal Reserve chose to maintain interest rates at their current levels. However, the truly encouraging aspect is the Fed's projection of a 5.1% rate for 2024.
Furthermore, it's heartening to observe that most members of the Federal Reserve are engaging in discussions about another potential rate increase, with expectations of a 25-point rise by year-end. Additionally, the consensus currently suggests that we won't witness a reduction in interest rates during the first half of 2024. The first rate cut is now anticipated for the latter part of 2024.
Jerome Powell's primary argument centers around the notion that inflation is far above the target range, and we've yet to fully experience the impact of the Fed's tightening measures. It's important to note that a pause in rate increases doesn't signify a complete stop, and the journey towards achieving 2% inflation still requires time. Powell also wisely acknowledges the uncertainty and volatility in predicting rate adjustments.
In the realm of cryptocurrency, trading volumes on crypto exchanges have recently hit lows not seen in months, coinciding with an increase in bankruptcy applications reminiscent of the financial crisis era. Moreover, interest in bitcoin has dipped to levels reminiscent of previous bear markets. It's worth highlighting that historically, such periods have proven to be opportune moments for accumulating bitcoin before the commencement of a full-fledged bull market. It's essential to remember that the information provided here is not financial advice, and prudent decision-making should always be based on your own thorough research.
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