Bitcoin plunged after the US stock market opened last night (23rd), hitting a low of $86,578, once again extinguishing the bulls' offensive. As of press time, it is currently trading at $87,658, returning to its previous trading range. With the Christmas holidays approaching, BTC may remain in this range for an extended period.
The four major U.S. stock indexes closed higher.
However, US stocks remained strong, with the S&P 500 closing at 6,909.79 points, setting a new record high. This was driven by AI leader Nvidia and unexpectedly strong, delayed third-quarter GDP data.
The U.S. Commerce Department revised its third-quarter GDP figure to 4.3%, exceeding market expectations by a full percentage point, with personal consumption expenditures growing by 3.5%, the biggest highlight. The interest rate path was originally focused on a rate-cutting cycle starting in 2026.
All four major indexes closed higher: the Dow Jones Industrial Average rose 67 points to 43,150; the S&P 500 rose 0.46%; the Nasdaq Composite rose 0.57% to 18,850; and the Philadelphia Semiconductor Index rose 0.55% to 5,210.
Market consensus: Keep prices unchanged in January
According to CME FedWatch data, the probability of the Federal Reserve maintaining the current interest rate range of 3.5% to 3.75% has climbed to 85.6% , while the expectation of a 25 basis point rate cut has dropped to only 14.4%. This shift echoes the modest rebound following the release of the November CPI, indicating that inflation has not yet fallen below the Fed's target range.
Chairman Bauer previously emphasized:
The current interest rate is already at a good level, and the next step will be adjusted based on the data.
Vice Chairman Hamak recently stated that he is more concerned about inflation stickiness and that it would be more appropriate to "keep interest rates at least until the spring".
