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Analysis: Expectations of the U.S. Federal Reserve raising interest rates in July have intensified, putting pressure on Bitcoin and driving it down

MarsBitNews
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Mars Finance news: On July 14, Bitcoin fell more than 2% over the past 24 hours and was trading at about $62,380. Market expectations for the Federal Reserve’s fastest possible rate hike in July have clearly warmed. The rate-hike probability for this month is expected to be about 50%, up from only around 10% just a few days earlier. The shift in expectations is driven by Federal Reserve Governor Waller’s remarks that officials may need to raise rates to rein in price pressures. U.S. two-year Treasury yields rose accordingly to 4.29%, the highest level since the beginning of last year. Escalating U.S.-Iran tensions and a surge in oil prices have also reinforced concerns about inflation, with WTI crude oil futures rising from around $67 per barrel at the start of the month to nearly $80. The U.S. Department of Labor will release the June Consumer Price Index on Tuesday. Economists surveyed by Bloomberg expect the year-on-year increase in overall CPI to fall to below 4%, with both overall and core inflation also likely to post their first month-on-month decline since January; May was 4.2% and 2.9%, respectively. However, the recent jump in oil prices may cause the market to view this data as a lagging indicator; if inflation proves to be more persistent, it could further strengthen worries about additional rate hikes. The market will then focus on the testimony by Federal Reserve Chair Wosh before Congress. ING analysts believe Wosh could emphasize that inflation expectations remain relatively mild and that there is sufficient basis to keep interest rates unchanged; even if a rate hike ultimately happens, it may be reversed afterward, and the size of future rate cuts could still be larger than the size of the hikes.
BTC-0.67%
CL8.49%
ING-0.32%
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