What Another Fed Rate Cut Means For Crypto?

31st October 1 640x400

For the third time this year, the US Federal Reserve has cut interest rates amid a global economic slowdown. Crypto markets did not react to the news but the outlook for the global economy is darkening as another recession looms. What does all of this mean for crypto though? Third Cut This Year This week the central bank dropped the benchmark federal funds rate by one-quarter point to a range between 1.5% and 1.75% according to reports. At a news conference on Wednesday, Fed Chairman Jerome Powell said he would not rule out additional cuts if the favorable economic outlook faltered. US stocks rose marginally after the announcement with the S&P 500 up 0.3%. Crypto markets were not affected and continue to pullback after their $50 billion surges over the weekend. The report added that the yield on the benchmark 10-year Treasury note also fell in its largest decline in…

Read the original article here