#FOMCMeeting The Federal Reserve keeps rates, but warns about persistent inflation
Summary:
The U.S. Federal Reserve (FOMC) decided on May 1 to maintain interest rates between 5.25% and 5.50%, as expected. However, Chairman Jerome Powell warned about the lack of significant progress on inflation during the first months of the year, which could delay the anticipated rate cuts.
Impact on the crypto market:
Bitcoin briefly fell below $59,000 after the announcement.
The dollar strengthened, putting pressure on risk assets.
The expectation for a first rate cut has now shifted to late 2025.
Highlighted Quote:
"We do not see enough progress on inflation to justify a cut at this time." — Jerome Powell, Chairman of the Fed
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