The US Federal Reserve announced that it would maintain the benchmark interest rate at 5.25% to 5.5%, but Chairman Powell released dovish remarks about a possible rate cut in September at the press conference after the meeting. US stocks rose across the board, with the S&P 500 up 1.58% and the Nasdaq up 2.64% led by technology stocks such as Nvidia and TSMC. However, Bitcoin once again went its own way, falling from above 66K after the press conference to $64,783 before press time, a 24-hour drop of nearly 2%.
Powell: Rate cut possible in September
The Federal Reserve kept interest rates unchanged at the end of its policy meeting on Wednesday, noting "some further progress" in bringing inflation back to the central bank's 2% goal.
Federal Reserve Chairman Powell said at a press conference after the meeting that although the meeting had not yet made any decisions on future actions, if economic data showed that inflation was slowing, a rate cut could be implemented as early as September.
"If this test is passed, our policy rate could be lowered as soon as our next meeting in September."
CME's FedWatch shows that traders expect three interest rate meetings before the end of the year to have a one-point rate cut each.
US stocks rose across the board, Bitcoin fell to 64K
Driven by Powell's dovish remarks on possible rate cuts, U.S. stocks surged across the board, with the S&P 500 up 1.58% and the Nasdaq up 2.64%, led by technology stocks such as Nvidia and TSMC.
However, Bitcoin did not surge along with the U.S. stock market. Instead, it fell from above 66K after the press conference to $64,783 before press time, a 24-hour drop of nearly 2%.
Yesterday, the mini version of Grayscale Bitcoin Fund BTC after the split of Grayscale GBTC was officially listed, and the market has not seen any outflow of GBTC.
7/30 The actual opening time of the nine Ethereum spot ETFs came to the sixth day, and the daily inflow finally turned from negative to positive for the first time, achieving the first net inflow, with a total amount of US$33.7 million. The reason is believed to be the slowdown of the huge outflow of Grayscale ETHE. At the same time, the investment director of BlackRock pointed out that some investment banks are studying the inclusion of Ethereum ETFs in their investment portfolios.
ETH's trend is similar to BTC. After the press conference, it fell from above 3,300 US dollars to 3,232 US dollars at the time of writing.
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