Markets fall as speculators want additional rate increases in response to the Federal Reserve’s minutes
According to minutes from a meeting last month, the central bank is not raising interest rates. Central bankers acknowledged Wednesday that rate rises are still likely, yet the pace may decrease.
Some investors and traders may have been expecting an end to the current period of restrictive monetary policy, but minutes from last month suggest that central bankers are still worried about persistent inflation. For the first time in 15 months, the Federal Open Market Committee decided to hold interest rates steady in June.
Bitcoin and ether both dropped by about 0.8% and 1.2% after the report was released. Bitcoin is up about 19% since early June, while ether is up roughly 6%, so both are still in the black over the previous month.
In the minutes after the report’s distribution, stocks took a little hit. About 0.2% was lost on the S&P 500, while 0.1% was lost on the Nasdaq Composite.
Since June 23rd, Bitcoin’s price has remained over $30,000. This was a significant resistance level that experts were keeping an eye on. Equity performance and macro data are crucial for a sustainable advance, according to experts.