- Today is the long-awaited FOMC meeting to discuss rate cuts
- The economic climate of the US and the world depends on this decision
- The Fed has decided to cut the rate by 0.5%, with 0.25% likely in November and December
Today is a historic day for the FOMC meeting about the rate cut.
All markets hold their breath ahead of the announcement of the long-awaited decision and expect a 1%-1.25%.
This could create a huge bullish wave for the stock market as well as the crypto sector, but there are also fears that the FED is late with this decision, and we will inevitably have to face the consequences.
What Are the First Results of the FOMC Meeting?
From the latest update, of the 12 members of the FOMC – 11 voted in favor of a 0.5% rate cut.
Probably, it is not what the market really wanted or even needed because of the consequences it has led to already – but still more drastic than analysts predicted last week.
One committee member voted against the decision, labeling the decision to make such a cut too drastic and disagreeing with how aggressively the Fed should respond to market conditions.
Further cuts of 0.25% are expected at the next meetings in November and December, but that decision has yet to be made and will largely depend on incoming data as Powell noted.
Conclusion
That being said, we are yet to experience what kind of numbers the markets and crypto sector will react to.
We are watching for live updates, stay tuned for more details.
