In the March Federal Open Market Committee (FOMC) meeting, the Federal Reserve (Fed) announced that it would keep its benchmark interest rate unchanged in the range of 5.25%-5.50%.
Federal Reserve kept interest rates paused for the fifth time on Wednesday at 5.25% to 5.50% as expected. Fed is still committed to 2% core inflation target overtime and anticipates three rate cuts this year. Bitcoin price showed little volatility, reclaiming ground above $65,000 as rate hold already priced in. In the March Federal Open Market Committee meeting, the Federal Reserve announced that it would keep its benchmark interest rate unchanged in the range of 5.25%-5.50%.
Other key takeaways from the Fed's dot plot for 2024 data include: Expected real GDP growth raised to 2.1% Expected unemployment rate lowered to 4.0% Expected PCE inflation maintained at 2.4% Expected core PCE inflation raised to 2.6% Expected federal funds rate maintained at 4.6% Bitcoin price retracted, pulling back above $65,000 to trade for $65,665 at the time of writing. BTC/USDT 2-hour chart The FOMC decision will settle in by Thursday, as marketsusually take time to process.
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