FOMC Minutes Impact Crypto Market Rally Following Hawkish Remarks
Hawkish statements from the Federal Open Market Committee's July meeting have stalled a brief rally in the crypto market.
- The Fed minutes indicated that the majority viewed inflation risks as greater than employment risks.
- Bitcoin's price fell from a 0.7% increase to nearly flat at $113,300.
- Ether decreased from a 4.5% gain to a 2.3% advance at $4,270.
- The July meeting occurred before an August 1 employment report showed slow job gains and a downward revision of 258,000 jobs for June.
- This revised data could have influenced a different tone or even a rate cut decision during the Fed meeting.
Upcoming Events
- Fed Chairman Jerome Powell will deliver a keynote speech at the Kansas City Fed’s Economic Symposium in Jackson Hole.
- Market participants anticipate whether Powell will signal any policy changes ahead of the September meeting.
- Economic data, including employment and inflation reports, will be released between now and then.