The Federal Reserve’s attempt to put the dampers on markets by stating that the first rate cuts might not take place in March may not have worked. Stock markets have reacted by opening in the green, and now select altcoins are following. Oracles $LINK and $PYTH are among those leading.
Perhaps the market is not fooled
The crypto market was down in the lead-up to the Federal Reserve’s January FOMC meeting, and continued a bearish bias during and after the meeting. However, now that markets have had time to digest Powell’s assertion that interest rates will likely not be cut in March, perhaps a healthy disbelief has taken place.
The Federal Reserve has always leaned quite heavily on an ability to ‘talk down’ the markets when this has been necessary. Generally this has always had its damping effect on a market that, in the Fed’s perception, is becoming too exuberant and frothy.
Although the overall effect of Powell’s speech was termed as ‘dovish’ by most commentators, Po
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