{"id":19513,"date":"2024-05-03T15:30:16","date_gmt":"2024-05-03T15:30:16","guid":{"rendered":"https:\/\/coinengineer.io\/?p=19513"},"modified":"2024-05-03T10:49:26","modified_gmt":"2024-05-03T10:49:26","slug":"federal-reserve-holds-rates-steady-amid-inflation-concerns","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/federal-reserve-holds-rates-steady-amid-inflation-concerns\/","title":{"rendered":"Federal Reserve Holds Rates Steady Amid Inflation Concerns"},"content":{"rendered":"

Although there are worries over inflation, the Federal Reserve<\/strong> made the decision to leave its benchmark interest rate intact. Even though he did not believe a rate hike to be close, Chairman of the Federal Reserve<\/strong> Jerome Powell<\/strong> did recognize the challenges of achieving a 2% inflation target. Though Powell did not give a date for the coming rate cut, he emphasized that inflation pressure should be known well enough to do so.<\/p>\n

Immediately after the announcement, the news spread through the cryptocurrency market like a shockwave, as Bitcoin<\/a> (BTC) shot up by around 3 percent. Following the FOMC<\/a>, the leading cryptocurrency rapidly retracted most of the move and has since traded virtually unchanged.<\/p>\n

Fears for ongoing inflation led the Federal Reserve<\/strong> to take the decision. New evidence of higher-than-anticipated rates of inflation and wage growth in the first quarter has just made these concerns even worse. Although the inflation rate has been on a declining trend ever since hitting multi-decade highs in 2022, it is still higher than the 2% per year target set by the Federal Reserve<\/strong>. Stability in the inflation data in comparison to the previous month\u20143.5% for the year ending in March\u2014jostled the cryptocurrency markets instantly.<\/p>\n

Rates have not been this high for more than 23 years due to the fact that the Federal Reserve<\/strong> has kept its benchmark interest rate between 5.25 and 5.5 percent since last July. Contrary to the Fed\u2019s<\/strong> expected three quarter-point rate cuts for 2024, market players are now looking forward to one or no rate cut by year-end, a complete reverse from their early hopes.\u00a0Given that inflation has not abated as fast as thought, significant cuts might still be on the table, Chairman Powell noted.<\/p>\n","protected":false},"excerpt":{"rendered":"

Although there are worries over inflation, the Federal Reserve made the decision to leave its benchmark interest rate intact. Even though he did not believe a rate hike to be close, Chairman of the Federal Reserve Jerome Powell did recognize the challenges of achieving a 2% inflation target. Though Powell did not give a date<\/p>\n","protected":false},"author":6,"featured_media":19514,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[2346,3752,3709],"class_list":["post-19513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-news","tag-affect-of-interest-rates","tag-federal-reserve","tag-federal-reserve-chairman-jerome-powell"],"yoast_head":"\nFederal Reserve Holds Rates Steady Amid Inflation Concerns - Coin Engineer<\/title>\n<meta name=\"description\" content=\"The Federal Reserve leaves rates steady due to inflation concerns, causing a brief 3% spike in Bitcoin before prices stabilize.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/federal-reserve-holds-rates-steady-amid-inflation-concerns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Federal Reserve Holds Rates Steady Amid Inflation Concerns - 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