Fed Official Eyes Another 50 Bps Cut Post US Job Data, BTC To $70K?

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Fed Official Eyes Another 50 Bps Cut Post US Job Data – Crypto News

Published

1 year ago

September 30, 2024

Dripp

Raphael Bostic, the President of the Federal Reserve of Atlanta, has hinted that he might favor another 50 basis point rate cut in November if US Job data improves. This conditional expectation is not unheard of as other Federal Reserve officials have hinted.

All Eyes on US Job Data

In an exclusive interview with Reuters, Bostic said the Federal Open Market Committee (FOMC) will emphasize US Job data at its November meeting.

“A surprise to the weak side …. would pull me much further into really needing another dramatic move,” Bostic said in the interview.

On September 18, the Federal Reserve Chairman Jerome Powell announced a 0.5% rate cut, the first in four years. However, he noted at the time that further rate cuts will hinge solely on market data. He confirmed that the Fed is open to further cuts or tightening depending on how the market evolves.

This is a developing story, please check back for updates!!