Sun, July 14

Fed Governor Bowman Says No Interest Rate Cuts Likely in 2024

Fed Governor Bowman Says No Interest Rate Cuts Likely in 2024 Market News
  • Governor Bowman recently stressed that the inflation rate is still high.
  • The monetary policies of the Fed have a significant impact on the crypto market.

It is too soon to think about lowering interest rates in 2024, according to Federal Reserve Governor Michelle W. Bowman. The timing of this disclosure is very sensitive, impacting both the regular and crypto markets. The situation has further worsened since important economic data is expected to be released later this week.

Although there has been some success in bringing inflation in the United States under control, Governor Bowman recently stressed that the rate is still high and vulnerable to a number of positive developments.

Key Economic Data This Week

Given the current state of the economy, the Federal Reserve has been proceeding with caution in its monetary policy, which is consistent with this viewpoint. The importance of the Federal Reserve maintaining its impartiality and autonomy in making decisions was also emphasized by Bowman.

The comments are made in the lead-up to Thursday, June 27, when the revised first-quarter U.S. GDP numbers will be revealed. Furthermore, Friday is slated to see the publication of important statistics on personal spending, income, and the US PCE inflation rate. Market players will pay special attention to the PCE and Core PCE inflation statistics.

Even in the cryptocurrency market, the monetary policies of the Federal Reserve have a significant impact on overall market conditions. Cryptocurrency values, like those of other assets, are susceptible to the overall trend of a stronger US dollar brought about by increases in interest rates. Investors seek bigger profits in risky markets during periods of low interest rates, which usually drive asset price inflation.

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A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.