The odds of a 50-basis point Federal Reserve rate cut have now skyrocketed to 55%. The event is being eagerly anticipated amid the current market conditions.
Current Fed Rate Forecast
The Fed's much-anticipated two-day meeting is going to get underway as soon as this Tuesday. The Fed started an extensive hiking cycle in March 2022, implementing a total of 11 hikes. The central bank eventually brought the interest rate to the highest level in more than two decades.
Impact on Cryptocurrency Market
Despite the rapidly rising probability of an aggressive Fed rate cut, which would be beneficial for risk-on assets, the price of Bitcoin remains under bearish pressure. The leading cryptocurrency is currently changing hands at $59,071, according to CoinGecko.
Other Key Events This Week
There are also other important central bank meetings that are slated to take place this week. The Bank of Japan, for instance, will announce its most recent rate decision on Tuesday.
The market is closely watching the outcome of the Fed's two-day meeting and Jerome Powell's statement, which could significantly impact the dynamics of cryptocurrencies and other financial markets.
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