The U.S. Federal Reserve’s final meeting of the year is slated for this week; the Federal Open Market Committee’s meeting on Tuesday and Wednesday is of particular interest to investors eagerly expecting this year’s final interest rate decision.
Other economic statistics will be released throughout the week, including retail sales for November on Tuesday, weekly initial jobless claims and the GDP growth rate for the third quarter on Thursday.
As of Monday, markets had priced in a 97% chance of a 25-basis-point interest rate decrease. Markets will look to the Fed’s updated policy statement and Fed Chair Jerome Powell’s press conference on Wednesday for clues about future interest rate decisions.
The Fed is now undergoing a blackout period, which means committee members are unable to make public comments prior to the FOMC meeting.
On the other hand, if Powell’s statement suggests a slowing approach or if the rate cut is smaller than expected, the market may react unfavorably. Concerns about persistent inflation and a slower pace of rate cuts might dampen investor enthusiasm.
In Monday’s trading session, the crypto market is currently posting mixed price action. Bitcoin recently surged to a new all-time high.
According to CoinMarketCap, Bitcoin’s price was recently up 1.41% daily at $103,926, after reaching a new record high of $106,554 in early Monday trading. Ethereum rose 1.62% in the last 24 hours to $3,951. The majority of cryptocurrency assets traded in the red; XRP, Shiba Inu, Toncoin and BONK lost between 2% and 4%, while SUI, BGB, Fantom and RUNE gained between 4% and 15% in the last 24 hours.
The outcomes of the Fed’s decisions and Powell’s insights might set the tone for the market in the coming days.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
