A BTC price breakout feels far off as FOMC day arrives.
The pair continued volatility into the May 3 meeting of the Federal Open Market Committee , the event which accompanies interest rate adjustments., market sentiment has priced in a 90%+ chance of the Fed hiking 0.25% to copy its March moves, with little expectations of a surprise instead., around 15% lower than the previous day.As in March, however, the Fed would be hiking into a banking crisis exacerbated by already high interest rates.
“The regional bank sector, KRE, just posted its 3rd biggest daily drop of this crisis, falling nearly 7%. Yet, we still have not received any comment from the FDIC or Fed,” financial commentary resource, The Kobeissi Letter,“In fact, the Fed is expected to RAISE interest rates again today. Meanwhile, no major headlines are reporting on the crisis anymore. The lack of attention to what’s happening to our system is incredibly concerning.
A few of these banks won't be around next Monday. Unless the Fed cuts rates and signals more cuts, or eligible collateral is expanded to any loan on a US federally chartered bank's balance sheet, it's goblin town!
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