November 1 US Federal Reserve System (FRS) saved the key rate range is 5.25–5.5% per annum.
The decision coincided with market expectations. According to the Federal Reserve, U.S. inflation remains high, unemployment remains low, and economic activity continues to grow at a rapid pace.
“The US banking system is healthy and resilient. Tighter financial and credit conditions for households and businesses are likely to put downward pressure on economic activity, hiring and inflation. The extent of this impact remains uncertain,” the press release said.
The Fed aims to achieve maximum employment and inflation of 2% over the long term.
On October 12, the US Federal Bureau of Labor Statistics published a report on consumer prices. The index value turned out to be higher than market expectations – in annual terms, growth remained at 3.7%, in monthly terms it decreased from 0.6% to 0.4%.
The cryptocurrency market had almost no reaction to the news. According to CoinGeckoquotes of the largest digital assets by capitalization did not show significant dynamics.
Data: CoinGecko.
Quotes of the first cryptocurrency did not show significant dynamics. At the time of writing, the total cryptocurrency market capitalization remains above $1.3 trillion.
5-minute BTC/USDT chart of the Binance exchange. Data: TradingView.
Let us remind you that in February 2023 the key rate was increased to 4.5-4.75% per annum. In March the figure reached 4.75-5%, and in May – 5-5.25%.
In June, the Fed kept the key rate range at 5–5.25% per annum for the first time since March 2022. The price of Bitcoin fell below $26,000.
In July, the figure increased to 5.25-5.5% per annum, but digital gold quotes reacted slightly to the changes. In September, the rate was kept at the same level.
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2023-11-01 18:16:48
#Fed #key #rate #Bitcoin #reacted #restraint #ForkLog
