The ongoing third meeting of the Federal Open Market Committee (FOMC) for 2024 is creating ripples in the American economy. Set to conclude on May 1 at 2 PM European Time (11:30 PM Indian Standard Time), this meeting holds the potential to steer the country's economic course following deliberations that began on April 30.

This highly anticipated event follows two prior meetings in 2024 and has stirred speculation about possible outcomes. Market expectations are subdued regarding any interest rate cut announcements, with Federal Reserve Chair Jerome Powell scheduled to announce the decisions reached at the conclusion of the meeting.

Immediate Market Response

The final day of the FOMC meeting has seen a notable decline in the prices of Bitcoin and various altcoins. This apparent market setback has led to significant sell-offs ahead of the meeting's conclusion. As of the current moment, Bitcoin is priced at $57,289, showing a 7.52% decrease over the past 24 hours according to data from CMC.

Anticipations Shifting

Expectations for rate cuts in 2024 have deviated since the beginning of the year, with a notable reduction in the predicted number of cuts. Initial projections in January suggested multiple rate cuts, but the current forecast hints at only a single decrease by the year-end.

Uncertain Path Forward

The timing of the initial rate cuts by the Federal Reserve still lacks consensus among major Wall Street institutions. In a dynamic economic landscape, certain Fed members have even raised the possibility of a rate hike rather than a reduction, adding a layer of complexity to the evolving economic scenario.