Fed to hike rate to 4.0% as bitcoin falls after CLARITY Act failure
- —Fed to hike by 25 bps to 4.0%, 92% probability per CME
- —Bitcoin fell 2% to $75,000 after CLARITY Act failure in the Senate
- —10-year U.S. Treasury yield reached 5.03%, a roughly 20-year high
- —Oil above $100 a barrel adds to inflation pressure ahead of the Fed decision
Why it matters: A rate hike and the failure of crypto legislation increase pressure on risk assets; Warsh's tone will set the market's direction.
Source: Blockonomi