The Federal Reserve’s most recent session of the Federal Open Market Committee (FOMC) wrapped up, leaving interest rates as they were. The market, expecting rate reductions in 2024 and influenced by Fed Chair Jerome Powell’s dovish stance, reacted positively. This uplift was evident in the rise of U.S. stocks, the crypto economy, and precious metals like gold and silver.
Federal Reserve Maintains Current Rates, Eyes Potential Reductions in 2024
Following the FOMC’s latest announcement, financial benchmarks displayed a bullish trend. Major U.S. stock indices saw substantial growth, mirroring the market’s upbeat mood post-meeting. The crypto sector also rallied, recording a significant 3.66% increase, with bitcoin (BTC) ascending 4%. Moreover, traditional safe-haven assets like gold and silver rose by 2.41% and 4.48%, respectively, reflecting a widespread optimistic response to the Fed’s decision.
In his comments after the meeting, Powell discussed the present economic situati
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