The recently released Federal Open Market Committee (FOMC) minutes have revealed that Federal Reserve officials are planning to slow down the pace of rate cuts in 2025.
According to the minutes, the staff projection at the latest meeting indicated that economic conditions were expected to remain "solid." However, there was also some uncertainty regarding potential changes to regulatory policies and other factors, such as possible trade disputes, and the inflationary impact of such policies remained unclear.
The inflation forecast for the previous year ended up being slightly higher, and core inflation did not decline as much as expected in 2024, the minutes showed. That said, Fed officials still expected inflation to keep moving toward the much-coveted 2% target, although it could take longer to reach the aforementioned target than initially anticipated.
The minutes also showed that U.S. economic activity remained robust, with unemployment remaining at rather low levels.
As reported by U.Today, the Federal Reserve implemented a "hawkish" 25-basis-point rate cut in December. The Fed signaled that it was inclined to scale back easing in 2025, which took a toll on risk assets such as Bitcoin.
After recovering back above the $100,000 level, the price of Bitcoin took a significant hit on Tuesday as key U.S. economic data indicated that inflation might continue to persist.
Bitcoin is currently changing hands at $94,129, according to CoinGecko data.
As reported by U.Today, Bloomberg's Mike McGlone recently opined that Bitcoin had emerged as the leading indicator for risk assets due to its high correlation with stocks.
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