The March FOMC had several US Federal Reserve officials considering a pause in the interest rate increase, the minutes of the meeting released on Wednesday revealed. It was only after it was clearly established the US regional banking crisis, which was at its peak at the time, would likely not cause wider financial impact, that they were inclined for further increase. The latest FOMC minutes report said the Fed officials maintained their focus on the primary goal of containing high inflation. Meanwhile, the crypto market did not react much to this news, as Bitcoin price remained largely unchanged.
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The report revealed that the Fed staff projected a mild recession starting later in 2023. Traders have been expecting that the US central bank would somewhere down the line in 2023 pause the rate hike before going for what is called as ‘Fed Pivot’ in the form of rate cuts.
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Source: https://coingape.com/several-us-fed-officials-were-initially-supporting-pause-in-rate-hikes/