TL; DR
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Inflation came in lower than expected, causing the market to recover as expected before returning to where it started the day (after Jerome Powell’s press conference).
Full story
You know how in video games you can wear out a non-player character’s (NPC) list of preset answers?
Where at some point they start repeating themselves?
It feels like the Federal Reserve is stuck in a similar situation.
The last three times they have met to discuss inflation and set interest rates (the last was yesterday), their response was:
“We will continue to monitor the data and adjust accordingly.”
(It’s boring. But it’s better than “Damn dude, it doesn’t look so good”).
In response to yesterday’s infinite-loop-of-the-same statement, markets were… choppy.
Inflation came in lower than expected (up 3.3% YoY, instead of 3.4%), causing the market to recover as expected – sending BTC down from $67.7k to $69.9k.
… all before falling back below $67.7ka a few hours later (after Fed Chairman Jerome Powell’s press conference), taking the rest of the market with it.
Long story longer:
At the time of writing, we’re pretty much back to where we were on Tuesday.
That’s how it’s won, it’s done.
