Fed Maintains Interest Rates, as US Unemployment Figures Rise
In a widely anticipated move, the U.S. Federal Reserve (FED) decided on Wednesday to keep the interest rate steady within the range of 5.25% to 5.5%. The decision is of considerable significance to both traditional and cryptocurrency markets.
The FED's choice to maintain the current interest rates comes as the U.S. Department of Labor released August's unemployment figures. Unemployment rose to 3.8%, up from July's 3.5%. This marks the highest level since February this year, indicating an influx of people entering the job market in search of employment. The data showed an increase of 187,000 employed individuals from July to August.
However, it was also revealed that there was a downward revision in the number of jobs added in June and July. The economy saw 110,000 fewer jobs added during these months than initially reported, suggesting a potential slowdown in employment growth.
FED Chairman Jerome Powell is slated to deliver a press conference later today at 21:30 Turkey time. Significant announcements are expected during this event which will likely have far-reaching implications on both traditional financial markets and the rapidly evolving world of cryptocurrencies.
Investors and market analysts are keenly awaiting Bitcoin's response to these developments. The cryptocurrency market's reaction to FED announcements has become an area of intense scrutiny due to its increasing influence on global finance.
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