#USConsumerConfidence Beyond consumer confidence, crypto markets are also watching the Federal Open Market Committee (FOMC) interest rate decision on Wednesday, January 29. It marks the first FOMC decision after President Donald Trump took office, making it an interesting watch.

“Trump is demanding rate cuts, but Powell’s signaling no change. This showdown could rock the markets,” crypto trader Roger Smith quipped.

Policymakers recently expressed concerns about inflationary pressures, particularly tied to Trump’s proposed fiscal policies. During their last meeting, FOMC minutes provided little indication of a potential rate cut in the near term, further solidifying the Fed’s hawkish stance. As BeInCrypto reported, this stance exerted downward pressure on risk assets, including cryptocurrencies.