CandleFocus Bitcoin Retakes $67K, Dollar Index Rally Stalls as Beige Book Supports Fed Rate Cuts
2024-10-24
Author: Content Editor
The latest Beige Book report from the Federal Reserve suggests a subdued economic outlook, increasing the likelihood of further rate cuts in the coming months. The report reveals stagnant or weak economic activity in most districts, with a decline in manufacturing and moderate consumer demand. Inflation and wage increases are also showing signs of moderation. These findings contradict the recent positive September jobs report and open the door for additional rate cuts by the Fed. The release of the Beige Book report has stalled the rally in the dollar index (DXY) and helped strengthen Bitcoin's recovery, with the cryptocurrency trading 1% higher at $67,300.
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