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Last comment from A Federal Reserve The official sparked speculation across financial markets, especially in the cryptocurrency sector.
Recent comments by St. Louis Federal Reserve Bank President Alberto Muslim suggest that the central bank may be reluctant to cut interest rates in the near term, due to concerns about inflation. According to Wall Street JournalThe Fed official had indicated that further interest rate cuts could wait.
Muslim explained that by the December meeting, the chances of inflation remaining between 2.5% and 3% had increased. As a result, he believes greater caution may be warranted when making further cuts.
Muslim had previously indicated that he supported the Federal Reserve's decision to begin lowering interest rates with a more aggressive reduction of half a percentage point in September. Going forward, interest rate cuts should be gradual, more gradual than I thought in September, he added.
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Fed officials have widely indicated they are leaning towards keeping interest rates steady at their next meeting, scheduled for January 28-29. Fed meeting minutes from December, released on Wednesday, revealed that officials were concerned about inflation and indicated they would move more cautiously on interest rate cuts in 2025.
Ahead of the Federal Reserve's meeting in late January, cryptocurrency investors are closely monitoring the potential impacts on Bitcoin, Ethereum, and other digital assets.
The cryptocurrency market is bracing for impact
Cryptocurrency market Bitcoin regained some stability in the early Friday session, with Bitcoin rising to highs of $95,283. Late Wednesday, prices tested the long-term support area of $90,000-$93,000, which has successfully halted negative momentum at least six times since the second half of November.
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Cardano's ADA led the recovery among the top 10 cryptocurrencies, rising 5% in the past 24 hours. Solana's SOL, BNB, and BNB Chain's Ethereum (ETH) all rose as much as 1%. Shiba Inu and Stellar (XLM) shares rose more than 3%, while SUI shares rose 8%.
Investors are awaiting the non-farm payrolls reading for December, which is scheduled to be released today. This report is an important indicator of the health of the economy and will be one of the final key data to be released before the Federal Reserve meeting at the end of January. The report's findings are likely to affect the Federal Reserve's interest rate policy.
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