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Bitcoin Boosted a Bit by Dovish Comments From Fed's Bostic
The Atlanta Fed president suggested signs of slowing in employment are accumulating.
Updated Feb 20, 2025, 4:40 p.m. Published Feb 20, 2025, 4:38 p.m.
What to know:
In the process of giving up on the chance of any Federal Reserve rate cuts in 2025, investors Thursday got a modest dovish surprise from Atlanta Fed President Raphael Bostic.
"I view the employment outlook as stable, but signs of slowing are accumulating," said Bostic in an essay. He noted that it's become harder for unemployed workers to find a job than a few months ago and job finding probabilities are lower now than they were prepandemic. "Consequently," said Bostic, "the average stint of unemployment is about three weeks longer than it was in August."
He's also expecting moderating inflation readings as the slowdown in rent increases being seen on platforms like Zillow and Redfin work their way into government price statistics.
Bostic called the current monetary stance of the Fed moderately restrictive and said he expects two interest rate cuts in 2025.
Both the yield on the U.S. 10-year Treasury and the greenback slipped a bit on the back of Bostic's comments, helping to boost the price of bitcoin (BTC) about 0.5% to $97,600.
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Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
What to know:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
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