🚀 BTC Surges After U.S. Interest Rate Cut
posted 19 Sept 2024
On September 18, the U.S. Federal Reserve announced a 50 bps reduction in its benchmark interest rate, bringing it down to 5%.
This move was widely expected since the rate had been high since July 2023. The last time the rate was at 5.5% was back in 2001.
Analysts were divided on whether the rate would be reduced by 25 or 50 basis points, making the final decision somewhat surprising for some market observers.
We're committed to maintaining our economy's strength... This decision reflects our growing confidence that with an appropriate recalibration of our policy stance, strength in the labor market can be maintained,said Fed Chair Jerome Powell during a press conference, according to The Wall Street Journal.
The crypto market responded positively to the news. At the time of writing, BTC increased by 4.2% in the past 24 hours, while ETH jumped by 6.5%.
Nick Timiraos, the chief economics correspondent for The Wall Street Journal, reported that the median projection has two more 25 bps rate cuts in 2024, totaling a 1% reduction for the year.
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