FOMC Meeting Next Week to Influence Crypto and Market Trends
- Bitcoin surged over 7% to reclaim $93K, while gold remains above $4,200.
- There are nearly 90% odds for a Fed rate cut of 25 basis points (bps) in December.
- The FOMC meeting is scheduled for December 10, with the decision at 2 PM ET and Jerome Powell’s press conference at 2:30 PM ET.
- Current inflation remains above the Fed’s target of 2%, raising concerns ahead of the meeting.
- The CME FedWatch tool indicates an estimated chance of an upcoming rate cut bringing the target range to between 3.50%-3.75%.
Market participants are closely monitoring macroeconomic indicators such as inflation and job openings ahead of the FOMC meeting, which could significantly impact monetary policy decisions and market liquidity.
With Bitcoin currently around $93K, analysts suggest that a successful week could push it towards $100K if favorable conditions arise from the FOMC meeting outcomes. (Source)
