The Federal Reserve took a bold decision in its interest rate resolution early this morning, cutting interest rates by two percentage points in one breath, lowering the target range to 4.75% to 5.0%, which was the first interest rate cut in more than four years. Chairman Powell emphasized at the post-meeting press conference that the U.S. economy is in good shape and there are currently no signs of recession. The 2-point rate cut is a "recalibration" of the Fed's monetary policy. Therefore, there is no guarantee that the same rate cut will be made at the next meeting. , investors should not expect the Fed to continue cutting interest rates at this rate.
Although during the press conference, gold hit a record high of $2,600 and then fell back. Meanwhile, both the S&P and Dow Jones retreated quickly after hitting record highs during the session, while the Nasdaq also ended lower. In comparison, the cryptocurrency market seems to be relatively strong today, with Bitcoin accelerating its rise after the U.S. stock market closed and still hovering at the $62,000 level at the time of writing.
