Bitcoin Price (BTC) Slips on Hawkish Fed Comments

The Kansas City Fed President, Jeff Schmid, expressed his dissent against a recent Federal Reserve rate cut, arguing that inflation remains too high. Following Schmid's statement, Bitcoin's price slipped again after a minor recovery. Schmid indicated that he believes a rate cut is unnecessary given the high levels of inflation, which have remained above the Fed's target for years. The Fed cut rates, but Schmid's unexpected vote to maintain rate steadiness hinted at ongoing economic concerns. In the wake of these comments, Bitcoin fell back under $110,000, reflecting market unease. Fed Chairman Jerome Powell also suggested that another rate cut is not guaranteed for December, emphasizing a cautious stance. Amid this backdrop, the financial markets showed volatility, with Bitcoin witnessing a significant drop in value.

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