The March Federal Open Market Committee (FOMC) meeting had several US Federal Reserve officials considering a pause in the interest rate increase, the minutes of the meeting released on Wednesday revealed. It was only after it was clearly established the US regional banking crisis, which was at its peak at the time, would likely not cause wider financial impact, that they were inclined for further increase. The latest FOMC minutes report said the Fed officials maintained their focus on the primary goal of containing high inflation. Meanwhile, the crypto market did not react much to this news, as Bitcoin price remained largely unchanged.
Mild Recession In 2023
The report revealed that the Fed staff projected a mild recession starting later in 2023. Traders have been expecting that the US central bank would somewhere down the line in 2023 pause the rate hike before going for what is called as ‘Fed Pivot’ in the form of rate cuts. The report said,
Live Cryptocurrency Prices, charts and portfolio
CRV Price Prediction: Curve Dao Token Price Could Rally 22% if Buyers Break this Key Barrier24/7 Cryptocurrency News Top 3 Altcoins to Invest in the Coming Bull Run of 202324/7 Cryptocurrency News NEAR Price Prediction: Bullish Pattern Setup Bolsters Near Protocol Coin Price for 40% Rally24/7 Cryptocurrency News XRP Price Prediction: This Bearish Pattern Puts XRP Price for 6-12% Downside Risk24/7 Cryptocurrency News 3 Reasons Why Apecoin Price May Witness Explosive Growth in 202324/7 Cryptocurrency News Track Crypto Ad
Hence, the Fed officials thought it was appropriate to increase the target range 25 basis points because of elevated inflation, among others.
