Bitcoin (BTC) Macro News: Fed December Rate Cut Odds Collapse to 30%
The probability of the Federal Reserve cutting interest rates has significantly decreased, now standing at 30%. This marks a sharp decline from 50% a day ago and 98% a month ago, according to CME's FedWatch tool. The sudden drop in odds is attributed to concerns over a prolonged data blackout, making it challenging for policymakers to make informed decisions. The Labor Department's confirmation of a delayed October jobs data release due to the recent government shutdown further exacerbates the issue.
The October Fed meeting minutes revealed deep divisions among policymakers regarding whether to pause or cut rates, adding to the uncertainty. Bitcoin's price, however, remained stable at $91,700, showing a 0.8% increase over the past 24 hours.
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