The likelihood that the U.S. Federal Reserve will cut interest rates by 25 basis points to a target range of 3.5% to 3.75% has fallen to 30%, down from 50% a day and a week ago, and sharply down from 98% a month ago, according to CME’s FedWatch tool.
That belief has evaporated in the face of concerns over a prolonged data outage, making it increasingly difficult for policymakers to make an informed decision. On Wednesday, the Labor Department confirmed it would not release employment data for October, citing the record length of the recent government shutdown.
At the same time, minutes of the Fed’s October meeting released Wednesday showed deep differences over whether to suspend or cut rates.
Bitcoin changed hands at $91,700 at press time, up 0.8% over 24 hours.
