The prospect of Federal Reserve policymakers lowering interest rates seems to be on the horizon. As the meeting next week gets closer, Federal Reserve policymakers have indicated that they do not foresee any adjustments to interest rates.
Meanwhile, traders in the futures market think there’s only a tiny 3% chance that the interest rates will go down.
Fed’s 2024 Interest Rate Decision
Federal Reserve, as it gears up to share its first decision about interest rates for 2024 this week, has become the focal point of financial discussions.
Market indicators, especially from the Chicago Mercantile Exchange (CME), think almost everyone agrees 96.9% that they won’t change anything at the time. But, when we look at the decision in February, almost half of the signs 47% say they might lower the rates by 3%, and even the traders in the futures market are suggesting the same.
Economist James Knightley of ING has suggested that the Federal Reserve may not feel the immediate need to cut rates, possibly continuing with their existing approach
Other Crucial Announcement
Simultaneously, the United States is set to release crucial economic data, including the January unemployment rate, following the Federal Reserve’s announcement.
The unemployment rate holds significant importance as a key metric, providing insights into the health of the labor market and influencing broader economic perceptions.
Can it Hit $45,000?
Even though Bitcoin’s price dropped to $38,500 in January, market observers are optimistic about its price going up again in February. If the bulls can make the price go much higher than it is now, Bitcoin might reach $45,000, just like experts predicted.
The selling pressure, which stemmed from the post-ETF approval excitement, appears to have eased, with investors redirecting $210 million into long-term savings.