24/7 Cryptocurrency News

Breaking: FOMC Pauses Interest Rate Hikes, Bitcoin Price Stays Flat

The Federal Open Market Committee (FOMC) decided in the September 20, 2023 meeting to keep the interest rates steady; Bitcoin price BTC ..
Published by
Breaking: FOMC Pauses Interest Rate Hikes, Bitcoin Price Stays Flat

Adhering to the market expectation, the Federal Open Market Committee (FOMC) decided in the September 20, 2023 meeting to keep the benchmark federal funds rate steady at the current target rate of 5.25-5.50%. The committee said it intends to prioritize balancing the employment figures along with achieving the 2% inflation target.

Also Read: US Fed May Have To Raise Rates Thrice More: Vanguard

Advertisement

FOMC Keeps Interest Rate Steady

The Fed officials said inflation remains elevated while the unemployment rate has remained low. Going further, the committee will assess additional information and its implications for monetary policy, in deciding future rates, it added. Reiterating its previous stance, the FOMC said it is committed to returning inflation to its 2 percent target. The FOMC statement said,

“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent.”

John Authers, senior editor at Bloomberg, said the market participants have so far considered this as a hawkish pause from the FOMC. Meanwhile, the Bitcoin price remained flat in its initial reaction to the Fed rate announcement. Jerome H. Powell, the Chair of the US Federal Reserve, will deliver his post FOMC speech in a live press conference, where he may spill out the Fed’s outlook on inflation target for upcoming meetings.

Advertisement

Hawkish Pause Means Rate Cuts Delayed Further?

The FOMC statement indicated a hint of hawkish stance taken by the Fed officials, with reference to considering additional policy firming if appropriate to reach the inflation target. The committee said it will consider the cumulative tightening of monetary policy so far, its impact on the economic activity and incoming inflation data in deciding further tightening of policy. More importantly, does this mean the possibility of rate cuts has further extended sometime in the year 2024?

Also Read: XRP Lawsuit Settlement: Attorney Says US SEC Not Ready Yet

Advertisement

Share
Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin

Trump Family's World Liberty Financial has unveiled big real-world asset (RWA) tokenization plans on Wednesday,…

October 1, 2025
  • 24/7 Cryptocurrency News

Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms

Fintech giant Stripe has unveiled a suite of tools to enable businesses to tap into…

October 1, 2025
  • 24/7 Cryptocurrency News

Breaking: Metaplanet Expands Treasury With 5,268 BTC Purchase, Climbs to 4th Largest Holder

Metaplanet has expanded its Bitcoin portfolio with another purchase. The Tokyo-listed firm is now the…

October 1, 2025
  • Bitcoin News

BREAKING: Nasdaq Files with US SEC to List BlackRock Bitcoin Premium Income ETF

Nasdaq has officially filed to list and trade BlackRock iShares Bitcoin Premium Income ETF with…

October 1, 2025
  • 24/7 Cryptocurrency News

Mr Beast, Whales Buy ASTER Token Amid 20% Crash, What’s Next?

While the ASTER token has crashed 20% in the last 24 hours, to test the…

October 1, 2025
  • 24/7 Cryptocurrency News

Breaking: U.S. Government Shuts Down After Congress Fails to Pass Funding Bill

The U.S government has entered its first shutdown since 2019 after lawmakers failed to reach…

October 1, 2025