$BTC The Federal Reserve keeps rates, but warns about persistent inflation
Summary:
The Federal Reserve of the U.S. (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 early months of the year, which could delay the expected 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 the 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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