FOMC Meeting Today Live Updates: Session End Nears, What’s Happening?

FOMC Meeting Today Live Updates: The third FOMC (Federal Open Market Committee) meeting for 2024, a significant event that shapes the U.S. economic landscape, is currently in progress. Starting on Tuesday, April 30, the meeting is set to conclude today, May 1, at 2 PM European Time (11:30 PM Indian Standard Time), potentially signaling changes in the country’s economic direction.

Intriguingly, 2024 has already witnessed two Federal Reserve System meetings, with the third one currently underway. Lasting for approximately two days, this meeting has sparked widespread speculation, with market expectations for rate cuts being notably low.

Fed Chair Jerome Powell remains poised to disclose the results of the meeting at the abovementioned time.

Also Read: SHIB News: Shiba Inu Community Burns 1.69 Bln Coins In April, What’s Next?

Crypto Market Feels The Heat Amid FOMC Meeting

Curiously, following the start of the FOMC meeting, the crypto market seems to have experienced a setback as BTC, ETH, XRP, and other cryptos significantly dropped in the past 24 hours. Bitcoin and the broader crypto industry faced intense selling pressure ahead of the conclusion of the FOMC meeting.

BTC tanked 9.11% in the past 24 hours and is currently trading at $57,253. ETH cracked up 9.70% over the past day and is currently resting at $2,850. Similarly, other cryptos followed in tandem, illustrating considerable plunges.

This comes primarily attributed to concerns surrounding the Federal Reserve’s anticipated decision to maintain high-interest rates. Anxiety further grips the market as the end of the FOMC meet nears.

Initially, the year kicked off with talks of six rate cuts by the end of the year. However, the current sentiment anticipates only one by December, adding to an enigmatic scenario surrounding rate cuts nationwide.

Fed Meeting All About The Future?

With rising speculations of no interest rate cuts as of this meeting, Federal Reserve policymakers appear to be focusing on the appropriate measures for the future rather than making a change now. 

Fed Chair Jerome Powell, in his role as a stabilizing force, is expected to maintain interest rates unchanged for the sixth straight meeting. This decision is based on the fact that inflation is still above its 2% goal within the U.S. economy. It’s noteworthy that the U.S. has increased interest rates 11 times since early 2022, yet inflation has only fallen from over 9% in the summer of 2022 to between 3% and 4%, to date.

Reduced interest rates might not come until the inflation goal is achieved. Nonetheless, the nation eagerly awaits the FOMC meeting results.

U.S. Dollar Strengthens Amidst FOMC

On the other hand, the U.S. Dollar appears to be finding support despite earlier losses as the focus shifts toward the ongoing FOMC meeting. Investors keenly await clues on the Federal Reserve’s monetary policy ahead, particularly regarding the pace of interest rate hikes in the future. Amidst this, the U.S. Dollar recorded an unprecedented surge in value, garnering substantial attention.

Philadelphia Federal Reserve Bank President Says “U.S May Soon Be Done Raising Rates”

Patrick Harker, the president of the Philadelphia Federal Reserve Bank, earlier stated that he believes the U.S. central bank will soon conclude its efforts to raise interest rates within the economy. However, Harker also added, ‘We are fully committed to bringing inflation back down to our 2% target.’ This has introduced a level of uncertainty, making the upcoming meeting results a topic of intrigue and speculation.

Latitude Investment Management’s Freddie Lait Slams Fed Over No Rate Cuts

Further, in an unprecedented development, Freddie Lait, the managing partner at Latitude Investment, stressed that the sole reason that could push the Federal Reserve to cut rates would be to help the U.S. cover interest payments for its national debt. This statement has further ignited a sense of bustle nationwide amidst the ongoing FOMC meeting.

In an interview with CNBC, the managing partner claimed to believe that the current level of interest rates was ‘perfectly fine’, adding to the frenzy. Although this statement might contrast a majority of the sentiments, Lait stated that the current rates stand undeterred to balance the inflation and growth outlook for the country.

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