Bitcoin is up over 60% but time to be aware of a correction as the Feds come out slightly more Hawkish.
According to Fed minutes: Fed officials back ongoing rate hikes to quell above-target inflation. Federal Reserve policymakers called for further monetary policy tightening until there were "substantially" more signs of slowing inflation, with a "few" members backing a faster path to push rates to restrictive levels as a tight labor market threatens to underpin inflation, the Fed’s Jan. 31- Feb.1 meeting minutes showed Wednesday.
Flagging a very tight labor market and above-trend inflation, all participants continued to "anticipate that ongoing increases in the target range for the federal funds rate would be appropriate to achieve the Committee's objectives," the minutes showed Wednesday.
Upside risks to the inflation outlook, meanwhile, remained a "key factor shaping the policy outlook," and a restrictive policy stance likely needs to be maintained, the minutes showed.
Ahead of the meeting, data showing a reduction in the pace of inflation was welcomed, but members "stressed that substantially more evidence of progress across a broader range of prices would be required to be confident that inflation was on a sustained downward path."
Chart:
24700 would be our area for buy stop orders (buy over resistance) but that's not more likely to happen. The main scenario is for the price to check 23765 for support... if that fails we can end up back lower towards 22200.
Been a great run but already out of steam. Let's be aware.
One Love,
The FXPROFESSOR
According to Fed minutes: Fed officials back ongoing rate hikes to quell above-target inflation. Federal Reserve policymakers called for further monetary policy tightening until there were "substantially" more signs of slowing inflation, with a "few" members backing a faster path to push rates to restrictive levels as a tight labor market threatens to underpin inflation, the Fed’s Jan. 31- Feb.1 meeting minutes showed Wednesday.
Flagging a very tight labor market and above-trend inflation, all participants continued to "anticipate that ongoing increases in the target range for the federal funds rate would be appropriate to achieve the Committee's objectives," the minutes showed Wednesday.
Upside risks to the inflation outlook, meanwhile, remained a "key factor shaping the policy outlook," and a restrictive policy stance likely needs to be maintained, the minutes showed.
Ahead of the meeting, data showing a reduction in the pace of inflation was welcomed, but members "stressed that substantially more evidence of progress across a broader range of prices would be required to be confident that inflation was on a sustained downward path."
Chart:
24700 would be our area for buy stop orders (buy over resistance) but that's not more likely to happen. The main scenario is for the price to check 23765 for support... if that fails we can end up back lower towards 22200.
Been a great run but already out of steam. Let's be aware.
One Love,
The FXPROFESSOR
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