Federal Reserve (FED) · Bitcoin · Kevin Warsh · Crypto Briefing
Federal Reserve minutes draw investor attention as crypto markets brace for rate hike signals
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The FOMC's June meeting minutes could reveal how serious the Fed is about raising rates, and Bitcoin is already feeling the pressure.
Key facts
- After trading in the $65,000 to $66,000 range before the June FOMC announcement, BTC slid to between $63,850 and $64,400 in the aftermath
- The Federal Reserve’s minutes from its June 16-17 meeting are set to drop on July 8 at 2:00 p.m
- The next FOMC meeting on July 28-29 will not include a Summary of Economic Projections, which means July 8’s minutes are the last detailed look at the committee’s thinking before the next rate
- With the federal funds rate currently parked at 3.5% to 3.75% and inflation running at 4.2%, the central bank’s internal deliberations could signal whether rate hikes are coming, and how aggressively
Summary
The Federal Reserve’s minutes from its June 16-17 meeting are set to drop on July 8 at 2:00 p.m. Bitcoin has already voted with its feet. The headline decision was to hold rates steady. New Fed Chair Kevin Warsh, presiding over his inaugural FOMC meeting, delivered what amounted to a hawkish reset.