The Fed, the US Federal Reserve, did not change the federal funding rate. As expected, the Fed kept the interest rate constant in the range of 0 – 0.25. However, the FED announced that it will start reducing its asset purchases in November. In addition, the Fed also announced that it will reduce asset purchases by $15 billion per month. These statements triggered sharp drops in gold and Bitcoin. cryptocoin.com We have compiled the details for you, let’s examine the subject together…
FED Chairman spoke: Bitcoin and gold fell hard!
The Federal Reserve will begin to withdraw unprecedented economic support. The much awaited Fed decision has been announced. In line with the expectations, the FED did not change the federal funding rate, keeping it unchanged in the range of 0-0.25 percent unanimously. The Fed has been keeping interest rates in this range since March. Therefore, the statements came in line with market expectations. However, the FED announced that it will begin to reduce its asset purchases in November, and this will be done at a rapid rate of $15 billion per month.
“Now is not the time to raise interest rates,” Fed Chairman Powell said. We have a long way to go.” said. The central bank still sees inflation as “temporary”, contrary to the expectations of many financial analysts. The news that Tapering will start in November triggered sharp drops in gold and Bitcoin. BTC price slumped from $63,500 to $61,180. Cryptocurrency abruptly wiped out more than $2,000. Gold prices fell from $1,785 to $1,761.
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