Major cryptocurrencies experienced a significant decrease in value on Wednesday evening, following hawkish remarks made by Fed Chair Jerome Powell during a press conference.
Bitcoin, Ethereum, Dogecoin Price Today
The Federal Reserve decided to maintain its current monetary policy on Wednesday, keeping the range for its benchmark interest rate unchanged at 5.25% to 5.50%.
Furthermore, Fed officials have revised their projections for next year, indicating a higher expected interest rate of around 5.1%, compared to the previous estimate of 4.3% in June. This increase reflects their anticipation of stronger economic growth. They now expect a 2.1% real GDP increase for this year, as opposed to the 1% forecasted in June.
Powell, expressed that a majority of committee members view another rate hike as appropriate during the remaining two Federal Open Market Committee (FOMC) meetings, to align with the Fed’s objectives. Powell also noted that recent inflation trends have been encouraging, describing the last three months’ readings as “very, very good.”
The next FOMC policy meeting is scheduled to take place in early November.
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