The Federal Reserve has opted to keep interest rates at their current levels, reflecting a cautious approach towards inflation amid a strong labor market.
Fed's Decision on Interest Rates
On June 18, the Federal Open Market Committee announced it would maintain interest rates in the range of 4.25% to 4.5%. This decision aligns with expectations in light of a strong labor market and steady economic growth, despite somewhat elevated inflation.
Cryptocurrency Market Update
Bitcoin remained resilient ahead of the Fed announcement, trading at $104,364, up 0.43% over the past 24 hours. The total cryptocurrency market cap rose 0.22% to $3.23 trillion.
Trump's Remarks on the Fed
On the same day, U.S. President Donald Trump criticized the Fed's decisions, stating that Chair Jerome Powell will likely refrain from cutting rates. Trump argues that a two-point reduction in rates would stimulate economic activity and expressed concerns about the Fed's political pressures. > "So we have a stupid person. Frankly, you probably won’t cut today," Trump said.
The Fed's decision to maintain interest rates emphasizes its commitment to controlling inflation amid growing macroeconomic uncertainty, while political pressure continues to influence economic policy choices.
