All eyes of investors are focused on the FOMC meeting this week
Now investors will be watching the decision of the Federal Open Market Committee (FOMC) of the US Central Bank this week.
The FOMC is expected to approve a 75 basis point hike, strong enough to satisfy critics of the Federal Reserve's modesty in fighting inflation, but reasonable enough to encourage those who prefer a more moderate approach that is less likely to cause a sharp recession and affect assets.
"As the FOMC meeting this month is just around the corner, we will take a conservative approach until the Fed's future direction becomes clearer," DiPasquale wrote.
The cryptocurrency's decline tracked major stock indexes on Friday, as the tech-heavy Nasdaq dropped nearly 2% and the S&P 500, which has a heavy technology component, dropped nearly a percentage point. Stocks, like cryptocurrencies, had their best week in a while after months of losses. Gold rose slightly, although it also fell steadily from March highs of over $2,000.
In a weekly review for investors, First Republic Bank noted a weakening in the once-hot housing market. The index of the National Association of Home Builders falls for the seventh month in a row. The start of housing construction in the US in June was also unexpectedly weak, among other indicators of a fall.
Meanwhile, according to a Bloomberg report, the founders of the insolvent crypto hedge fund Three Arrows Capital Su Zhu and Kyle Davis described the collapse of the firm as "deplorable", but refuted claims that they withdrew money from the fund before its collapse.
https://coin-signal.com/cryptonews/all-eyes-of-investors-are-focused-on-the-fomc-meeting-this-week/
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