JUST IN: 🇯🇵 Japan’s Financial Services Agency proposed to bring crypto assets under the Financial Instruments and Exchange Act.
This could legalise #Bitcoin ETFs and cut tax on crypto gains.
JUST IN: 🇮🇷 Iranian Parliament approves closure of the Strait of Hormuz in response to US strikes.
Roughly 20% of the world's oil supply passes through this strategic waterway.
⚠️SUMMARY OF FED FOMC STATEMENT:
1. The Fed left interest rates unchanged at 4.50%, but still signaled two cuts in 2025.
2. Fed members see the benchmark rate falling to 3.9% this year.
3. The Fed statement omitted a line about risks of higher unemployment and inflation. It also said uncertainty about the outlook has diminished.
4. The FOMC downgraded its collective outlook for economic growth and gave a bump higher to its inflation projection.
• Key Takeaway: The Fed’s updated ‘dot-plot’ and economic projections emphasized that rate cuts are coming soon.
From the SEP:
The median core PCE projection for 2025 is 3.1%, but there’s one official that put down 2.5% and three that put down 3.5%.
The median number of cuts for 2026 fell to one cut (previously two).
No one changed their long-run dot (or if they did, they traded places)