QCP Capital Says Fed Meeting Minutes Released Were Less Dovish Than Expected! Here Are the Details

Crypto market-focused investment company QCP Capital emphasized that the Federal Reserve (FED) meeting minutes announced yesterday on its official channel displayed a less dovish tone than expected and that the FED’s victory in the fight against inflation should be questioned.

With the strong nonfarm payrolls data released last Friday, market expectations for a 25 basis point rate cut in November rose to 83.7% from 67.9% last week.

This week, the focus of the markets will be on the Consumer Price Index (CPI) data to be released tonight and the Producer Price Index (PPI) data to be released tomorrow.

Additionally, earnings reports from major banks JPMorgan and Wells Fargo (JPM/WFC) will provide important clues for assessing the strength of the U.S. economy amid slowing inflation.

US stock indexes were on the rise last night with the S&P 500 reaching new highs, but that optimism was not felt to the same extent in the crypto market.

QCP Capital noted that news of Silk Road’s Bitcoin and PlusToken’s Ethereum sales have increased selling pressure in the crypto market. However, they added that they remain optimistic about this period, dubbed “Uptober,” as long as Bitcoin maintains its critical $60,000 support level.

Noting that the market continues to expect further rate cuts in the future, QCP Capital stated that investors are inclined to maintain their positions at current weak spot price levels and prepare for a year-end recovery.

*This is not investment advice.