There are only minutes left until the FED's announcement, which will perhaps be the most important interest rate decision of 2024 and will start the interest rate reduction cycle.
Market Expectations
The decision will be announced at 21:00 Türkiye time (UTC+3) and a dot plot will also be published, which will be followed with interest. At 21:30, FED Chairman Jerome Powell will hold a press conference that will be broadcast live, and it is worth remembering that this meeting is at least as important as the interest rate decision.
Rates by Polymarkets and CME Data
According to the latest updated data, users on Polymarkets expect the FED to announce a 25 basis point cut with a 56% probability and a 50 basis point cut with a 43% probability. On the other hand, interestingly, the probability of interest rates remaining constant is shown as 1%. According to the latest data from CME's Fedwatch tool, the probability of the Fed cutting by 25 basis points is shown as 46%, and the probability of a 50 basis point cut is shown as 54%.
Impact on Cryptocurrency Market
The Bitcoin price has been rising in the last 24 hours before the decision, which is also closely followed by the cryptocurrency market.
The FED's interest rate decision is set to be a pivotal moment impacting various financial markets, including cryptocurrencies. Stay tuned for further updates.
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