Bitcoin Price (BTC) Slips on Hawkish Fed Comments

Bitcoin's price fell below $110,000 following hawkish comments from the U.S. Federal Reserve. Kansas City Fed President Jeff Schmid dissented during a recent vote to cut rates, highlighting persistent high inflation and structural changes in the labor market that lower rates may not remedy. Schmid emphasized that inflation is significantly above the Fed's 2% target and continues to be problematic. Despite a recent rally, Bitcoin and broader markets reacted negatively to this uncertainty, as markets adjusted their expectations for future rate cuts. Fed Chairman Jerome Powell also indicated that any rate cut in December is not guaranteed, causing further volatility in both crypto and stock markets. Schmid's insights suggest a cautious approach towards monetary easing in light of the economic landscape, impacting investor sentiment today.

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