Bitcoin Likely Bullish Over US Fed’s Uncertain Outlook For Next Few Months
Crypto Market News: Officials at the Federal Open Market Committee (FOMC) saw an uncertain environment over further interest rate hikes at the May Fed meeting, the meeting minutes said on Wednesday. Amid the concerns around the debt ceiling crisis, the committee felt there could be a need for further tightening of financial conditions, while significant disruptions were said to be expected. Meanwhile, the crypto market did not show any significant changes to the Fed meeting minutes release.
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In this context, there is no commitment from the United States government about its intentions to avoid the debt default. However, top Republican Kevin McCarthy on Wednesday affirmed his confidence that getting a deal was possible despite a halt in top level talks since his Monday meeting with President Joe Biden.
Unanimous Decision To Raise Rates In May Meeting
The Fed minutes showed that there was a widespread consensus in the board about raising interest rates. However, the committee felt there was a lot of uncertainty about rate hikes in further meetings. Hence, the FOMC said it would continue to monitor the implications of incoming information for the economic outlook.
“(The committee) would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the committee’s goals.”
This could mean a bullish environment for Bitcoin price as uncertainty in the macroeconomic space triggers vulnerabilities in the short term.
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