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The US Federal Reserve will announce its fifth interest rate decision for 2024 later tonight (July 31) after a two-day Federal Open Market Committee - FOMC meeting.
Author: Chirag Sharma
The US Federal Reserve will announce its fifth interest rate decision for 2024 later tonight (July 31) after a two-day FOMC Meeting. Wall Street expects the US central bank to keep the benchmark interest rates between 5.25% – 5.50%. However, market participants will focus on hints that lift bets of a rate cut in September.
At its previous monetary policy meeting on June 12, the Powell-led FOMC unanimously voted to hold the policy rate at the two-decade high mark for the seventh straight meeting. Wall Street expects the US Fed to hold rates steady in July. Analysts and economists predict a dovish commentary by Fed chair Jerome Powell, which could indicate potential rate cuts in September.
Source : TradingEconomics
The anticipated FOMC meeting could have significant effects on the crypto market. Lower interest rates typically lead to increased liquidity and appetite among investors. Here’s how:
The FOMC meeting on July 31 is poised to be a pivotal event for financial markets, including the crypto market. With inflation nearing the Fed’s target and the job market cooling, the potential for a rate cut is high. This development could lead to increased liquidity and risk appetite, benefiting the crypto market. As the FOMC meeting approaches, investors will be closely watching for any signals from the Fed that could influence their investment strategies.
By understanding the dynamics at play in the FOMC meeting, crypto investors can better position themselves to capitalize on potential market movements.
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