The US stock market showed little reaction at the open ahead of the crucial Federal Open Market Committee (FOMC) decision on interest rates while Bitcoin price continues to rise. The decision now gains all the more importance as it comes amid the banking crisis. A majority of investors believe that the Fed panel would go for a 25 bps hike while few think there will be no hike. Meanwhile, the crypto market is largely following a sideways pattern ahead of the decision.
According to the CME FedWatch Tool, around 85% of the respondents think the central bank will go for a 25 bps interest rate increase. Target rate probability for the upcoming Fed meeting had actually fluctuated with considerable share of investors believing there would be a no hike as the market dynamics changed with the bank crisis over the last two weeks.By Anvesh Reddy
(By Anvesh Reddy)
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