Bitcoin Price Prediction: BTC Near $70,000 Amid FOMC Meeting Minutes Revealing Inflation Concerns

cryptonews.com:

Federal Reserve officials expressed growing concern about inflation during their most recent meeting, with many members hesitant to move forward with interest rate reductions.

Since the FOMC decided to keep the short-term borrowing rate in the 5.25%-5.5% range, a 23-year high, it has significant implications for the economy, as well as the Bitcoin price prediction. Let’s deleve into it.

Federal Reserve officials expressed growing concern about inflation during their most recent meeting, with many members hesitant to move forward with interest rate reductions.

We have posted the minutes from the #FOMC meeting held April 30 – May 1, 2024: https://t.co/cenMn4Jxn0

— Federal Reserve (@federalreserve) May 22, 2024

The FOMC decided to keep the short-term borrowing rate in the 5.25%-5.5% range, a 23-year high. The decision was based on data indicating continued solid economic growth.

Since then, there have been minor improvements, with the April consumer price index showing a 3.4% annual inflation rate, slightly lower than March.

However, consumer sentiment surveys indicate rising concerns about inflation.

Fed officials noted several upside risks to inflation, including geopolitical events and the impact on low-income consumers. Some attributed early-year inflation increases to seasonal factors, while others warned against dismissing these broad-based moves.

Concerns were also raised about consumers turning to riskier financing methods, like increased credit card use and buy-now-pay-later services.

Despite optimism about growth prospects, officials expect some moderation this year. They believe inflation will eventually return to the 2% target but are uncertain about the timeline and the impact of high interest rates.

Since the meeting,