{"id":651992,"date":"2024-11-07T12:00:41","date_gmt":"2024-11-07T12:00:41","guid":{"rendered":"https:\/\/uniquehot.com\/?p=651992"},"modified":"2024-11-07T08:25:31","modified_gmt":"2024-11-07T08:25:31","slug":"fomc-preview-crypto-market","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/fomc-preview-crypto-market\/","title":{"rendered":"FOMC Preview: What The Crypto Market Can Expect From The Fed"},"content":{"rendered":"

As the Federal Open Market Committee (FOMC) meets today, the crypto market’s focus is on the Federal Reserve’s forthcoming announcements. Scheduled for 2:00 PM ET are both the Fed Interest Rate Decision and the FOMC Statement, with Fed Chair Jerome Powell’s press conference following at 2:30 PM ET. These events are poised to have significant implications for cryptocurrencies and broader financial markets.<\/p>\n

What The Crypto Market Can Expect<\/h2>\n

Market participants overwhelmingly anticipate a rate cut. According to the CME FedWatch Tool<\/a>, 97.5% expect the Federal Reserve to implement a 25 basis points (bps) rate cut. This expectation aligns with recent economic indicators and reflects a consensus that the Fed will continue its cautious monetary easing.<\/p>\n

“The Federal Reserve is expected to cut the Fed funds rate by 25 basis points at the November 7 meeting. This aligns with market expectations and follows a weaker-than-expected nonfarm payroll report,\u201d Althea Spinozzi, Head of Fixed Income Strategy at Saxo Bank, notes<\/a>.<\/p>\n

Related Reading: \u2018Crypto Has Already Won\u2019, Regardless Of Trump Or Harris Win: Bitwise CIO<\/a><\/div>\n

The Fed is likely to maintain a measured approach, emphasizing gradual rate cuts over abrupt policy shifts. Chair Powell is expected to underscore a data-dependent and restrained policy stance, focusing on the nuanced dynamics of the current economic landscape. Spinozzi adds, “The Fed is likely to continue its measured approach, emphasizing gradual rate cuts rather than drastic policy shifts. Chair Jerome Powell<\/a> is expected to highlight a data-dependent and restrained policy stance.”<\/p>\n

While headline inflation appears to be easing, core components suggest persistent pressures. The overall Consumer Price Index (CPI) increased<\/a> by 2.4% year-over-year in September, the lowest since February 2021. However, critical sectors like shelter and services continue to see elevated prices. Shelter prices are up 4.9% year-over-year, and services excluding energy rose by 4.7%.<\/p>\n

“The core PCE inflation rate\u2014a key Fed measure\u2014has stabilized at an annualized 2.3% over both three- and six-month averages but continues to run above the Fed’s 2% target,” Spinozzi highlights. Persistent inflation in these sectors could exert upward pressure on overall inflation, complicating the Fed’s efforts to achieve its target.<\/p>\n

The labor market remains robust despite recent disruptions from hurricanes and strikes. The unemployment rate stands firm at 4.1%, and temporary layoffs have declined in October. Wage growth is showing signs of cooling; the Employment Cost Index (ECI) for Q3 surprised to the downside at 0.8% quarter-over-quarter, the softest since Q2 2021. Year-over-year, the ECI remains elevated at 3.9%, significantly above the Global Financial Crisis (GFC) average of 2.16%. Weekly jobless claims are also well below the post-GFC average, indicating sustained labor market strength.<\/p>\n

Related Reading: Top Crypto Analyst Unveils Best Altcoins For The 2025 Bull Run<\/a><\/div>\n

Overall, the US economy has exhibited unexpected robustness. Third-quarter GDP grew by 2.8% annualized, and personal consumption rose by 3.7%, the strongest quarter since early 2023. However, concerns about the sustainability of this growth persist. Real disposable income has softened, and household savings are declining, potentially limiting future consumer spending.<\/p>\n

Adding to the complexity is the US presidential election. The victory by Donald Trump<\/a> could significantly influence fiscal policies, thereby impacting the Fed’s longer-term rate path. “The Federal Reserve will be mindful of how its actions and commentary could influence financial markets that may already be experiencing quite volatile conditions,\u201d James Knightley, Chief International Economist at ING, remarks<\/a>.<\/p>\n

For crypto traders, Jerome Powell\u2019s commentary during the FOMC press conference on anticipated inflationary effects stemming from the Trump election is the key focus. Experts expect that the Trump presidency could lead to policies that underpin inflation, such as tax cuts and increased fiscal spending, potentially forcing the Fed to keep rates elevated.<\/p>\n

Despite the political backdrop, the Fed is expected to proceed with the rate cut. ING analysts suggest, “Even after September\u2019s 50bp rate cut, monetary policy is in restrictive territory, and the Fed has scope to keep cutting rates back to a more neutral level to give the economy a little more breathing space to continue growing strongly.”<\/p>\n

The current target range for the Fed funds rate is 4.75% to 5%, well above the estimated “neutral” level of 3% to 3.5%. The consensus is that the Fed has room to normalize its policy, especially with the labor market cooling.<\/p>\n

The crypto market will be closely monitoring not just the rate decision\u2014which appears largely priced in\u2014but also the Fed’s commentary on inflation, economic growth, and the potential impacts of the presidential election. Any indications from Chair Powell regarding future policy shifts could have significant implications for the Bitcoin and crypto markets.<\/p>\n

At press time, Bitcoin traded at $75,080.<\/p>\n

\"Bitcoin
Bitcoin price rises above $75,000, 1-day chart | Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Shutterstock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

As the Federal Open Market Committee (FOMC) meets today, the crypto market’s focus is on the Federal Reserve’s forthcoming announcements. Scheduled for 2:00 PM ET are both the Fed Interest Rate Decision and the FOMC Statement, with Fed Chair Jerome Powell’s press conference following at 2:30 PM ET. These events are poised to have significant implications for cryptocurrencies and broader financial markets. What The Crypto Market Can Expect Market participants overwhelmingly anticipate a rate cut. According to the CME FedWatch Tool, 97.5% expect the Federal Reserve to implement a 25 basis points (bps) rate cut. This expectation aligns with recent economic indicators and reflects a consensus that the Fed will continue its cautious monetary easing. “The Federal Reserve is expected to cut the Fed funds rate by 25 basis points at the November 7 meeting. This aligns with market expectations and follows a weaker-than-expected nonfarm payroll report,\u201d Althea Spinozzi, Head of Fixed Income Strategy at Saxo Bank, notes. Related Reading: \u2018Crypto Has Already Won\u2019, Regardless Of Trump Or Harris Win: Bitwise CIO The Fed is likely to maintain a measured approach, emphasizing gradual rate cuts over abrupt policy shifts. Chair Powell is expected to underscore a data-dependent and restrained policy stance, focusing on the nuanced dynamics of the current economic landscape. Spinozzi adds, “The Fed is likely to continue its measured approach, emphasizing gradual rate cuts rather than drastic policy shifts. Chair Jerome Powell is expected to highlight a data-dependent and restrained policy stance.” While headline inflation appears to be easing, core components suggest persistent pressures. The overall Consumer Price Index (CPI) increased by 2.4% year-over-year in September, the lowest since February 2021. However, critical sectors like shelter and services continue to see elevated prices. Shelter prices are up 4.9% year-over-year, and services excluding energy rose by 4.7%. “The core PCE inflation rate\u2014a key Fed measure\u2014has stabilized at an annualized 2.3% over both three- and six-month averages but continues to run above the Fed’s 2% target,” Spinozzi highlights. Persistent inflation in these sectors could exert upward pressure on overall inflation, complicating the Fed’s efforts to achieve its target. The labor market remains robust despite recent disruptions from hurricanes and strikes. The unemployment rate stands firm at 4.1%, and temporary layoffs have declined in October. Wage growth is showing signs of cooling; the Employment Cost Index (ECI) for Q3 surprised to the downside at 0.8% quarter-over-quarter, the softest since Q2 2021. Year-over-year, the ECI remains elevated at 3.9%, significantly above the Global Financial Crisis (GFC) average of 2.16%. Weekly jobless claims are also well below the post-GFC average, indicating sustained labor market strength. Related Reading: Top Crypto Analyst Unveils Best Altcoins For The 2025 Bull Run Overall, the US economy has exhibited unexpected robustness. Third-quarter GDP grew by 2.8% annualized, and personal consumption rose by 3.7%, the strongest quarter since early 2023. However, concerns about the sustainability of this growth persist. Real disposable income has softened, and household savings are declining, potentially limiting future consumer spending. Adding to the complexity is the US presidential election. The victory by Donald Trump could significantly influence fiscal policies, thereby impacting the Fed’s longer-term rate path. “The Federal Reserve will be mindful of how its actions and commentary could influence financial markets that may already be experiencing quite volatile conditions,\u201d James Knightley, Chief International Economist at ING, remarks. For crypto traders, Jerome Powell\u2019s commentary during the FOMC press conference on anticipated inflationary effects stemming from the Trump election is the key focus. Experts expect that the Trump presidency could lead to policies that underpin inflation, such as tax cuts and increased fiscal spending, potentially forcing the Fed to keep rates elevated. Despite the political backdrop, the Fed is expected to proceed with the rate cut. ING analysts suggest, “Even after September\u2019s 50bp rate cut, monetary policy is in restrictive territory, and the Fed has scope to keep cutting rates back to a more neutral level to give the economy a little more breathing space to continue growing strongly.” The current target range for the Fed funds rate is 4.75% to 5%, well above the estimated “neutral” level of 3% to 3.5%. The consensus is that the Fed has room to normalize its policy, especially with the labor market cooling. The crypto market will be closely monitoring not just the rate decision\u2014which appears largely priced in\u2014but also the Fed’s commentary on inflation, economic growth, and the potential impacts of the presidential election. Any indications from Chair Powell regarding future policy shifts could have significant implications for the Bitcoin and crypto markets. At press time, Bitcoin traded at $75,080. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":612381,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,6664,14690,1557,2007,2084,91885],"class_list":["post-651992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-crypto","tag-crypto-news","tag-cryptocurrencies","tag-fed","tag-fomc","tag-fomc-preview"],"acf":[],"yoast_head":"\nFOMC Preview: What The Crypto Market Can Expect<\/title>\n<meta name=\"description\" content=\"As the Federal Open Market Committee (FOMC) meets today, the crypto market's focus is on the Federal Reserve's forthcoming announcements.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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Through his extensive work with uniquehot.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/uniquehot.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"FOMC Preview: What The Crypto Market Can Expect From The Fed","url":"http:\/\/uniquehot.com\/news\/fomc-preview-crypto-market\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/fomc-preview-crypto-market\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/shutterstock_2284599845.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/shutterstock_2284599845.jpg?fit=3840%2C2160"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","crypto","crypto news","cryptocurrencies","fed","fomc","fomc preview"],"dateCreated":"2024-11-07T12:00:41Z","datePublished":"2024-11-07T12:00:41Z","dateModified":"2024-11-07T12:00:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"FOMC Preview: What The Crypto Market Can Expect From The Fed\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/fomc-preview-crypto-market\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/fomc-preview-crypto-market\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/shutterstock_2284599845.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/shutterstock_2284599845.jpg?fit=3840%2C2160\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"crypto\",\"crypto news\",\"cryptocurrencies\",\"fed\",\"fomc\",\"fomc preview\"],\"dateCreated\":\"2024-11-07T12:00:41Z\",\"datePublished\":\"2024-11-07T12:00:41Z\",\"dateModified\":\"2024-11-07T12:00:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/shutterstock_2284599845.jpg?fit=3840%2C2160","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/651992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=651992"}],"version-history":[{"count":4,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/651992\/revisions"}],"predecessor-version":[{"id":652002,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/651992\/revisions\/652002"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/612381"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=651992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=651992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=651992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}