Fed Minutes: Interest Rate Cut Discussions and Crypto Impact
Minutes from the March 17–18 FOMC meeting showed Fed officials divided on further rate cuts, keeping the target at 3.5–3.75% (vote 11–1). Members said cuts would be appropriate if inflation falls toward target but flagged Middle East war risks and potential upside inflation, which could delay easing. Markets are pricing a high probability of steady rates into year-end; the next FOMC meeting is April 28–29. Despite the Fed’s caution, crypto liquidity remains supportive: Bitcoin ETFs saw $335.8m and Ethereum ETFs $96.4m in net inflows (April 22 data), a bullish liquidity signal for crypto. However, geopolitical risks could raise volatility. Overall, the Fed backdrop is cautiously constructive for crypto but carries mixed risks.