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Bitcoin price approached the $60,000 mark but did not surpass it at the time of writing. However, there are some important details. While expectations for a rate cut in September are maturing, the exact amount is not yet determined. Recent statements from a Fed member shed light on the current situation.
Fed Statements
Fed Member Gooslbee discussed the current market conditions in an interview with CNBC, mentioning the need to take a step back. Confirming that the job market has cooled faster than expected compared to a year ago, the Fed member made statements aligning with market expectations for a rate cut in September.
“I have concerns for 2024, we have crosswinds. Given that we set this interest rate more than a year ago and the inflation and job market have cooled faster than expected, I have concerns. I think we should take a step back and consider this.”
The latest inflation data was good, and we will see the August inflation data before the Fed’s September decision. If CPI and PCE data favor risk markets again, an early surprise 50bp cut by the Fed to alleviate recession concerns would not be surprising. For now, investors do not have a definitive view on the amount of the cut.
