In brief
- The CME FedWatch Tool, which uses futures trading data to infer trader sentiment, predicted a near-certain rate cut.
- The Conference Board’s Expectations Index, a measure of economic sentiment, remained below the threshold that typically signals a coming recession.
- Bitcoin has lingered well below the all-time high it set earlier this month.
The U.S. central bank slashed the interest rate 0.25% on Wednesday, a widely expected move that left crypto markets largely unimpressed, although prices subsequently tumbled when Federal Reserve Chair Jerome Powell said that a December rate cut was “not a foregone conclusion.”
Bitcoin was trading at about $110,700, down 1.3% over the past hour. The largest cryptocurrency by market capitalization has sagged more than 10% after dropping below $105,000 earlier this month. Ethereum, the second-largest digital asset by market value, was changing hands at about $3,890, a 2.7% decline gain…
