On May 1, the United States Federal Reserve maintained its key interest rate range at 5.25–5.5% per annum.
The decision aligned with market expectations.
On April 10, the U.S. Bureau of Labor Statistics released a report on consumer prices, showing an index value higher than forecasted—3.5% compared to 3.4%.
The cryptocurrency market reacted positively to the decision. Bitcoin briefly returned to levels above $58,000, but soon fell below this threshold again.
In the past hour, all top-10 assets by market capitalization showed positive dynamics. According to CoinGecko, Dogecoin (+3.8%) and Solana (+3.4%) saw the largest gains.
According to CNN, JPMorgan and Goldman Sachs anticipate the first Fed rate cut in July, while Wells Fargo expects it in September. Analysts at Bank of America do not foresee a reduction until December. Some Fed officials, according to the publication, have suggested the possibility of a rate hike instead of a cut.
On May 1, Bitcoin fell below $57,000. Analysts at Standard Chartered warned that failing to hold the $60,000 level has reopened the path for the leading cryptocurrency to the $50,000–52,000 range.
Experts consulted by ForkLog linked the local correction to stock market sell-offs, the strengthening of the U.S. dollar index, and investor fears over the slowing pace of Fed rate cuts.
Back in July 2023, the Fed raised the key rate to 5.25-5.5% per annum. Since then, the rate has remained unchanged. This marks the sixth consecutive decision to maintain the rate.