Crypto Market News: In the lead up to the Federal Open Market Committee (FOMC) meeting between May 2-3, 2023, the S&P 500 Index ended the week on a high note with close to 1% jump over 5 days. The U.S. Federal Reserve’s meeting will be followed by jobless claims data and unemployment rate between May 4-5, 2023. While the market expects a 25 bps hike for the last time in a series of target rate hikes, any signs of dovish outlook going into June 2023 Fed meeting could keep the markets buoyed. However, there could be a bear trap event around the Fed rate decision, as the new target rate is likely to be 5-5.25% as against the central bank’s target of keeping inflation down to 2%.
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Also, traders expect that cooling inflation and stability in the job market could trigger a Fed rate hike pause when the central bank meets again on June 14, 2023, for the FOMC meeting. If the rate hike pause takes effect, the cryp
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