Overview
- The FOMC convenes Oct. 28–29 with consensus expecting a 25 bps cut to a 3.75%–4.00% target range, with the decision due at 2:00 p.m. ET.
- September CPI rose 0.3% month over month and 3.0% year over year, pointing to moderating inflation as a recent U.S. government shutdown delays some jobs data and complicates the Fed’s read on the labor market.
- Major cryptocurrencies have firmed ahead of the meeting, while on-chain data shows whale address 0x960B deposited 3.72 million USDC to Hyperliquid and opened 15x longs totalling about $27.7 million in BTC and $20.3 million in ETH.
- Market watchers note that a cut and any signal toward winding down quantitative tightening would be liquidity-positive for risk assets, though a cautious Fed tone could trigger near-term volatility.
- Analysts including 21Shares’ David Hernandez and trader Michael van de Poppe suggest Bitcoin could push toward prior highs if easing continues and macro conditions remain supportive, though such outcomes depend on policy signals and data.