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The crypto market is poised for a significant week with key events that could shape the US Federal Reserve’s policy trajectory. These events include the FOMC interest-rate decision, Jerome Powell’s press conference, and US job data, all of which are under close scrutiny as they could impact the Fed’s rate cut plans.
Might interest you: US Inflation Data Signals Potential Fed Rate Cut
FOMC Interest-Rate Decision & Powell’s Speech The crypto market is keenly anticipating the upcoming FOMC event, looking for hints about the Fed’s potential rate cut plans. While the market expects the central bank to maintain its policy rates in the upcoming meeting, there is growing speculation about three rate cuts in 2024. According to the CME FedWatch Tool, there is an 89% chance the Fed will announce a 25 bps rate cut. in September. Additionally, there are increasing bets on further cuts in November and December, fueled by recent cooling inflation data.
Federal Reserve Chair Jerome Powell’s speech will also be critical. Dovish comments could ignite a market rally, whereas hawkish remarks might temper market enthusiasm. Both the crypto market and the broader financial sector will be closely monitoring Powell’s insights, as they could significantly influence market dynamics.
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