Federal Reserve cuts interest rates by 25 basis points; Powell says Fed is not permitted to hold bitcoin
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Federal Reserve cuts interest rates by 25 basis points; Powell says Fed is not permitted to hold bitcoin
The Federal Reserve announced its latest interest rate decision, cutting rates by 25 basis points as expected, lowering the target range for the federal funds rate to 4.25%-4.5%. The upper bound of the Fed's rate decision was set at 4.50%, in line with expectations and down from the previous 4.75%. According to the Fed's statement, recent data indicate that economic activity has grown steadily, the labor market has eased somewhat, the unemployment rate has risen but remains low, and inflation is near the target but has ticked up slightly. The committee will continue to reduce its balance sheet, and the decision was supported by the majority of members. Beth Hammack dissented, advocating for maintaining rates in the 4.5%-4.75% range. Powell spoke at the press conference.
Navigating Web3 tides with focused insightsTechFlow News, December 19 — The Federal Reserve announced its latest interest rate decision, cutting rates by 25 basis points as expected. The target range for the federal funds rate has been lowered to 4.25%-4.5%. The Fed set the upper bound of the rate at 4.50%, in line with expectations and down from the previous 4.75%. According to the Fed's statement, recent data indicate steady economic growth, a somewhat eased labor market, rising but still low unemployment, and inflation near—though slightly above—the target level. The committee will continue reducing its balance sheet, and the decision was supported by the majority of members. Beth Hammack dissented, advocating for maintaining rates in the 4.5%-4.75% range.
During the press conference, Powell stated, "We are not permitted to hold bitcoin, nor do we wish to change the law."
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