Author: Jack Inabinet, Bankless; Compiler: Wuzhu, Golden Finance
Risk assets fell sharply as the release of March inflation data was hotter than expected. When will the rate cut come, and what impact will it have on your crypto assets?
In recent months, investors have been encouraged by the fact that inevitable rate cuts may ease future economic conditions and provide impetus for risk assets, but the Federal Reserve has long insisted that it will keep interest rates high to fight inflation.
Today's data on rising inflation slightly exceeded analysts' expectations and seems to have caused investors to question these assumptions...
Market participants have now priced in the impact of the June rate cut, reducing the total number of expected rate cuts in 2024 to two. As traders began to price in the fact that the rate cut may come later than expected, the yield on the US 10-year Treasury bond soared to a 2024 high.
Broad-cap S&P 500 futures began moving lower immediately after the inflation data was released at 8:30 ET, causing the spot market to open 1% lower than yesterday's close.
As expected, cryptoassets were also affected by the data release, with the volatility of crypto assets relative to stocks being fully reflected as popular tokens experienced more severe declines and more obvious recoveries.
Expectations for rate cuts may be slightly delayed, but even President Biden is confident that a rate cut will occur sometime in 2024.
While official government data sources continue to suggest that inflation is too high, decentralized data service Truflation suggests that year-on-year growth rates remained below the Fed's 2% target throughout April, lending credibility to the US President's claims.
While the consensus is that rate cuts will be unequivocally bullish, given their minimal impact on past recessions, it remains to be seen whether this time will be different and whether they can actually combat a recession, leading to their utilization…
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