When Will Federal Reserve Cut Rates? Crypto Bettors See 52% Chance By This Date
Portfolio Pulse from Chris Katje
Investors and analysts are anticipating the Federal Reserve's potential rate cuts in 2024, with the FOMC meetings being closely watched. The Fed hinted at three rate cuts for 2024, adjusting from an initial four due to higher inflation. Goldman Sachs economist Alec Phillips predicts these cuts in June, September, and December. The crypto prediction market Polymarket has over $3.1 million wagered on the timing of these cuts, with a majority betting on a cut by June 12.
March 19, 2024 | 4:54 pm
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NEUTRAL IMPACT
Polymarket users bet on Federal Reserve rate cuts using MATIC for transactions. Over $3.1 million wagered, with significant attention on the June 12 date.
While the article discusses the use of MATIC for transactions on Polymarket related to Federal Reserve rate cut predictions, the direct impact on MATIC's price is uncertain. The attention could increase transaction volume but the effect on price is neutral short-term.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Polymarket bets on Fed rate cuts are made using USDC, with over $3.1 million in wagers. The focus is on the June 12 date for the potential first cut.
The article mentions USDC being used for transactions on Polymarket for betting on Federal Reserve rate cuts. This could increase USDC's usage and visibility, but the direct impact on its valuation is neutral in the short term.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50