The cryptocurrency market has been hammered by recent inflation data
now believe that the Fed will go as far as announcing a 100-basis point hike. "The August CPI report ... suggests a series of upside inflation risks may be materializing," the firm stated. The economists believe that the Fed will then announce two more 50-basis point rate hikes by the end of the year in order to curb inflation.
Fed funds futures are currently pricing in a 28% chance of the jumbo rate hikes. The market appears to be inclided to believe that the central bank will stick to a more moderate pace of monetary tightening, refraining from implementing an extremely big rate hike., the U.S. central bank went for a 75 basis point hike in July, providing some relief to battered risk assets such as Bitcoin.
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