As a seasoned researcher with a keen interest in financial markets and politics, I find myself intrigued by this dynamic interplay between Bitcoin, the Federal Reserve, and the White House. The recent rate cut by the Fed seems to have had a minimal impact on the cryptocurrency market, which is somewhat surprising given the historical correlation between loose monetary policy and risk-on assets like Bitcoin.
The digital currency market, including Bitcoin, saw a boost in optimism following the Federal Reserve’s decision to lower interest rates for the first time since Donald Trump was elected.
On November 7th, the Federal Reserve decided to lower interest rates by a quarter of a percent during their latest meeting of the Federal Open Market Committee. This move follows the initial 0.5% reduction that began in September.
Bitcoin’s price hovered around $76,000, and the overall cryptocurrency market maintained a positive trend. After the recent meeting, Wall Street experienced an upsurge, whereas the CBOE Volatility Index saw a decrease.
Nevertheless, cryptocurrency prices remained fairly stable following the meeting, leading some social media analysts to speculate that future Federal Open Market Committee (FOMC) decisions might exert less influence on digital asset prices in the future.
In the meantime, supporters observed that the Federal Reserve had eliminated phrases suggesting “more confidence in inflation.” Traders believed these modifications could be related to the upcoming elections and potential adjustments to monetary policy.
Regarding the ongoing discussions, Federal Reserve Chair Jerome Powell stated that central bank regulators will not alter their approach based on temporary inflation figures or election outcomes.
The alterations made weren’t intended to provide future indicators, and removing the phrase expressing increased certainty regarding inflation was merely considered a drafting adjustment.
Jerome Powell, Federal Reserve chair
Trump and Powell have frequently clashed opinions over the Federal Reserve’s interest rate policy. Despite appointing Powell as Fed chair in 2017, Trump publicly criticized him for implementing a cautious approach to interest rates. During this period, Trump argued that Powell’s policies hindered the growth of the U.S. economy.
Speculation has swirled about the possibility of Powell’s resignation after Trump assumes office in January. At a press conference following the FOMC meeting, when asked directly, Powell clarified that he would not resign should Trump ask him to do so.
Read More
- MVRDV Designs Solar-Powered “Sports Club in a Shipping Container” For Refugees
- Abhijeet Bhattacharya’s son expresses displeasure over Dua Lipa and Shah Rukh Khan’s Levitating X Woh Ladki Jo mashup for not giving him credit; ‘Why has it always been about actors…’
- EXCLUSIVE: Decoding the importance of suspense around cameos in cinematic universe films
- BICO PREDICTION. BICO cryptocurrency
- RSR PREDICTION. RSR cryptocurrency
- Binance’s CZ in talks with Sam Altman to explore AI investments
- Best Magic Items in the ‘Harry Potter’ Movies
- Roddy Ricch Taps Terrace Martin for Reflective “Lonely Road”
- EUR INR PREDICTION
- ‘We Certainly Didn’t Want To Be A Pale Imitation’: Gladiator II’s Creators On The One Big Goal With Making A Sequel, And How The Story Came About
2024-11-08 00:18