Federal Reserve Interest Rate Decision Triggers Market Volatility
Policy Key Points
• The Federal Reserve maintains interest rates unchanged at 4.25%-4.50%, but there are rare internal divisions
• Two governors voted for the first time in favor of a rate cut, breaking the previous consensus decision-making pattern
• Powell's attitude shows subtle changes, suggesting that policy may be shifting
Market Reaction
• Bitcoin faces short-term pressure, testing important support levels
• Ethereum shows relative resilience, benefiting from staking yield advantages
• Trading volume significantly increases, institutional investors reassess allocations
• Detailed market data analysis
Stock Market: After a late plunge, the three major US stock indices slightly rebounded, with the Dow Jones down 0.38%, the S&P 500 down 0.12%, and the Nasdaq up 0.15% at close. Most large tech stocks declined, with Apple down 1.07%, Amazon down 0.37%, Tesla down 0.65%, Facebook down 0.67%, and Nvidia up 2.13%. Gold stocks all closed down, with AngloGold down 5.24% and Kinross Gold down 3.69%.
Bond Market: After the Federal Reserve's decision was announced, short-term US Treasury yields plunged briefly, with the two-year Treasury yield approaching 3.87% and flat. However, after Powell's press conference, market rate cut expectations retreated, leading to a significant rise in US Treasury yields; the two-year US Treasury yield rebounded from around 3.86%, approaching 3.90%, while the 10-year US Treasury yield rose by 5.16 basis points, reporting 4.3720%.
Foreign Exchange Market: Before the Federal Reserve's decision was announced, the US dollar index rose by 0.56%, temporarily reporting 99.439 points. During Powell's press conference, the dollar surged, with the dollar index's intraday increase reaching nearly 1%. After the press conference ended, the dollar index rose by about 0.9%, refreshing the daily high to 99.881 points.
Precious Metals Market: Spot gold plummeted over 1.5%, falling below $3280 per ounce. COMEX gold futures main contract dropped 1.58%, reporting $3327.9 per ounce.
Commodity Market: New York copper prices plunged more than 18% at one point due to news stimulus, and COMEX copper futures ultimately closed down 16.95%. The copper mining sector showed a downward trend, with Freeport-McMoRan down nearly 10%, Hudbay Minerals down nearly 7%, and Southern Copper down over 6%.
Future Key Observation Points: Economic data performance, inflation trends, and officials' speeches before the September meeting; these factors will determine the next phase of the cryptocurrency market.
