US Fed Dovish Stance In FOMC?; Bitcoin Price Bullish Or Bearish?

Also Read: US Sen. Ted Cruz Reveals Bitcoin Investment Strategy, Declares Ultra-Bullish Outlook

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A majority of the S&P 500 companies have been beating expectations, on the back of cost cutting measures like mass layoffs. For instance, Mark Zuckerberg led Meta, which is also heavily invested in the Web 3.0 space with the Metaverse ambition, sacked 10,000 employees in 2022 besides plans to layoff another 21,000 until November 2023. This led to a rising number of high income professionals wanting unemployment benefits, which the Fed will be closely looking at.

End Of Fed Rate Hikes?

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According to Fundstrat advisor opinion on Yahoo, the upcoming FOMC meet will affect the last rate hike measures due the need for easing financial conditions. The massive surge in unemployment claims from employees with above $200,000 pay could trigger what could be a ‘dovish hike’. A 25 bps hike in the May Fed meeting could be followed by easing of financial restrictions, the advisors said. Meanwhile, an overwhelming majority of respondents to the CME FedWatch Tool expect the central bank to raise interest rate by 0.25%, from the current target rate of 4.75 to 5% range.

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On the other hand, the US Dollar Index (DXY) is currently at a three month low at 101.41. Hence, going by the inverse correlation between DXY and Bitcoin price, the top cryptocurrency could be on a path to further rise in the lead up to the Fed meeting, especially so if Fed Chair Jerome Powell expresses a dovish stance after a 25 bps hike.

Also Read: Binance’s New Initiative On Polygon Aims to Woo US Customers Amid Regulatory Scrutiny

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