Reported about 1 year ago
The U.S. Federal Reserve maintained its policy but revised its outlook to only one 25 basis point rate cut this year, causing Bitcoin to retract from earlier gains. The Fed's economic projections show a higher year-end fed funds rate of 5.1% for 2024 and anticipate only one rate cut in 2024. Chairman Powell emphasized the focus on lowering inflation to the 2% target, following an unexpected slowdown in May's Consumer Price Index. This shift led to market fluctuations, with Bitcoin trading at $67,300 and U.S. stocks and bonds closing with gains but below session highs.
Source: YAHOO