The empire state manufacturing data reveals a significant weakness in the US economy. The Empire State Manufacturing Index is revealed to be at -9.1, which is way worse than the expected forecast of -4.3. The previous data was revealed to be at -1.5. The crypto market is seeing a rally as the newly released data reinforces the idea that the Fed has gone overboard with its restrictive monetary policy.
Bitcoin has increased by 0.64% in the last hour and is trading at $19,557. Similarly, Ethereum prices increased by 0.51% in the last hour and ETH is trading at $1322.
Cardano and Solana have seen a strong surge in their prices as well. ADA surged by 0.8% and is trading at $0.3735. Meanwhile, the price of Solana increased by 1.1% and it is trading at $30.81.
The empire state manufacturing index reveals the state of business conditions in New York. Negative data reveals worsening conditions in New York, while the positive index highlights an improving business environment. It is one of the many factors that are revealing weakness in the US economy.
The Federal Reserve is responsible for protecting the economy from abnormal economic conditions. Due to soaring inflation levels, the Fed is engaging in quantitative tightening and interest rate hikes. The central bank increased the interest rates by four consecutive 75 bps hikes. The Fed’s hawkish stance has not resulted in much success.
The latest Consumer Price Index highlighted soaring inflation levels in the economy. Experts believe that another jumbo hike is extremely likely from the central bank.
However, market participants are not happy with the Fed’s aggressive stance. They believe that the bank is weakening the economic outlook of the US. The World Bank believes that the global economy will face a major recession in 2023.
The crypto market is rallying on the expectation that the Fed will pivot due to recessionary fears. However, the Fed has stated that the cost of doing too little to curb inflation is much higher than doing too less.
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