Bitcoin (BTC), the star of the digital world, is lazily perched above the $104,000 mark, as if too indifferent to notice the drama unfolding in Washington. The U.S. Federal Reserve, ever so predictable, has decided to keep its benchmark interest rate steady for the fourth consecutive time. One can hardly blame Bitcoin for being unperturbed. After all, there’s only so much excitement to be squeezed from the same old news.
The decision was anticipated by the market, and the market, in its infinite wisdom, has responded by offering Bitcoin the sort of dull, unflinching stability one might expect from a well-bred aristocrat attending yet another tiresome gala.
The Fed has left rates unchanged, as expected.
— Steven Rattner (@SteveRattner) June 18, 2025
The Federal Reserve’s so-called “median forecast” is projecting two interest rate cuts of 50 basis points by the year’s end. However, with a diversity of views as vast as the opinions at a family Christmas dinner, some members are stubbornly insisting on no cuts at all. The futures market, ever the optimist, is pricing in a 71% chance of a rate cut by September. Ah, optimism in a time of uncertainty – it’s almost charming, isn’t it?
The median “dot” from the Fed’s plot suggests two rate cuts by year-end, unchanged from the March meeting. There’s a wide dispersion of views however, with 7 members projecting zero cuts this year.
— Kathy Jones (@KathyJones) June 18, 2025
In a move that may surprise absolutely no one, the Fed has also revised its 2025 GDP growth estimate downwards. It now expects the U.S. economy to grow by a modest 1.4% next year. Could it be that the only thing growing faster than the economy is the national debt? But I digress…
As if that weren’t enough to keep us all on the edge of our seats, the Fed has projected U.S. inflation to hover around 3%, well above their own much-vaunted target of 2%. It’s almost as if they’re trying to tell us something. Spoiler alert: It’s not good.
And then there’s the ever-perspicacious Joseph Brusuelas, an analyst who seems to have all the answers. According to him, the Fed’s recent actions scream “stagflation” – that lovely economic cocktail of stagnant growth, rising inflation, and the ever-present shadow of unemployment. Perhaps the next time someone tells you that things are “looking up,” you can refer them to the Fed’s projections. The view from here is not so rosy.
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2025-06-18 21:27