FOMC Is the Determinant of US Monetary Policy
FOMC is an acronym for Federal Open Market Committee. Namely, a meeting held by top officials from the United States central bank, The Fed. This meeting was attended by 12 elite Fed officials, including seven of the Fed's board of governors, the president of the Federal Reserve Bank of New York, and four of the 11 state Federal Reserve Bank presidents on a rotating basis.
Photo: Governor of the central bank of the United States (US) Federal Reserve, Jerome Powell (REUTERS/Leah Millis)
SUMMARY OF FOMC DECISIONS :
The FED decided not to raise or lower interest rates, which are currently at 5.50%. This is the sixth consecutive meeting in which the Fed has kept interest rates on hold.
The FED statement indicated that interest rates will likely remain high for longer than previously expected. This is because there has not been a significant decline in inflation.
In recent months, "there has been little progress toward achieving the Committee's inflation target of 2 percent," Jerome Powell said in a statement.
Policymakers made it clear they will not lower interest rates until they are more confident inflation is closer to 2%.
This statement further strengthens the view that interest rate cuts will not occur in the near future.
So where is crypto going? 🤷♂
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