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CryptoXTimes > Article > News > Fed Seeks Stability Amid Economic Concerns
NewsCrypto

Fed Seeks Stability Amid Economic Concerns

Fed cuts rates 50 basis points, aiming for economic stability.

Rubab Fatima
Last updated: September 19, 2024 5:39 pm
Rubab Fatima 8 months ago
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Bitcoin Is Chess, Not Checkers: Saylor's Insight

The first rate reduction since March 2020, the Federal Reserve announced on Wednesday a notable 50-basis-point lowering. This surprising action aimed to undo past Fed tightening practices and help to preserve economic stability in the still-strong United States.

Chair Jerome Powell of the Federal Reserve underlined that the deliberate rate reduction seeks to reduce possible downturn risks and support price stability without causing appreciable rise in unemployment. 

“We want to bring price stability back in a way that avoids the painful rise in unemployment linked with past inflationary periods,” Powell said. “Today’s decisions reveal our will to reach that target.”

Markets got Powell's message, says @johnauthers — smaller for longer https://t.co/ZeVxHo8rF1

— Bloomberg Crypto (@crypto) September 19, 2024

Fed Drives Crypto Gains


Despite the aggressive decrease, Powell remained wary of future rate changes, advising against the presumption of a similar pace ahead. “How the economy develops will determine the speed of future actions,” Powell added. “We might have to change our strategy in response to economic performance.”

The Fed’s decision had an immediate impact on financial markets. Bitcoin rose 4.31% in the last 24 hours to $62,336, reaching a three-week high and showing an 8% increase for the week. Other cryptocurrencies with substantial increases between 5% and 8% were Ethereum (ETH), Solana (SOL), Cardano (ADA), and Shiba Inu (SHIB). 

Reflecting market optimism, notable gains ranged from 10% to 24% for less well-known cryptocurrencies such as SUI, TAO, Dogwifhat (WIF), Celestia (TIA), SEI, and FLOKI which exhibited extraordinary gains. 

Equity futures also climbed. On possible aggressive rate cuts, however, market players seem to be depending on pricing in an extra 70 basis point of reduction during Fed sessions in November and December. Powell’s measured perspective, on the other hand, implies that future decisions will stay data-driven.

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TAGGED: Bitcoin, Crypto, Cryptocurrencies, ETH, Fed, SOL, SUI, TAO, TIA, WIF
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