Federal Reserve Cuts Interest Rates by 25 Basis Points
- The U.S. Federal Reserve reduced its benchmark interest rate range to 3.75% to 4.0%.
- The Fed plans to conclude its quantitative tightening on December 1.
- Bitcoin traded at $111,700, down 3% in the past day.
- Kansas City Fed President Jeffrey Schmid opposed the rate cut, advocating for steady policy.
- Market participants anticipate another 25 basis point cut at the December meeting.
The Federal Reserve’s decision comes amid slowing job gains and a slightly rising unemployment rate, with inflation remaining elevated since earlier this year. Investors are now awaiting insights from Fed Chair Jerome Powell regarding future economic policies.
Following the announcement, Bitcoin’s price reflects market reactions as it trades at $111,700 after the Fed’s interest rate cut decision.(Source)
