Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
As expected, the Federal Open Market Committee of the U.S. Federal Reserve on Wednesday left its benchmark fed funds rate range unchanged at 5.25-5.50%.that progress on lower inflation has stalled this year and said it wouldn't be appropriate to trim rates until it has greater confidence inflation is moving"sustainably" towards 2%.has bounced modestly in the minutes since the news hit, but remains under pressure, down more than 4% for the session at $58,000.
Markets came into 2024 expecting a long series of rate cuts from the U.S. central bank, but those hopes have been whittled down sharply over the past few weeks as the economy continues to show strength and inflation has actually risen a bit in the year's first four months. According, markets were pricing in a nearly 25% chance of zero rate cuts this year. One month ago, there was just a 1% chance of no Fed easing in 2024.
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