Crypto Daily – With the Federal Reserve expected to announce a 50 basis points rate cut in their meeting on Wednesday, the price of (BTC) is likely to be very volatile. Will this be the signal for Bitcoin to start climbing higher?
Bigger Fed rate cut looking more likely
The chances of a 50 basis points rate hike, to be announced in the Federal Reserve FOMC meeting on Wednesday, have grown impressively over the past few days. Market expectations have swung dramatically, and now the market is pricing in a 69% chance of a bigger rate cut than Fed Powell forecast in his last meeting.
In addition, U.S. Democratic senators recently wrote a letter to the Federal Reserve Board of Governors, urging them to cut 75 bps in Wednesday’s FOMC meeting.
The U.S. unemployment rate has spiked since July – climbing from 3.5% to a “decade high” of 4.2%, while inflation is still falling. It is for these reasons that the Democratic senators are requesting such a large…
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