According to information from the CME Group, the CPI annual rate dropped from 3.4% to 3.1% while the expected rate was 2.9%. As the inflation rate outmatched the expectations, the Federal Open Market Committee (FOMC) did not change the interest rates — currently at 5.25% to 5.50%.
The next FOMC meeting is predicted to take place on March 20 and data from the CME Group suggests that the probability of not changing the interest rates has risen to 89.5% while the remaining 10.5% believe the committee would ease the interest rates, crypto.news reported.
The crypto market showed bearish sentiment toward the unchanged interest rate. According to data provided by CoinGecko, the global crypto market capitalization decreased by 0.3% in the past 24 hours and is currently standing at $1.95 trillion.
Moreover, Bitcoin also showed a 0.8% drop over the past day and is trading at $49,600 at the time of writing. The daily trading volume of BTC plunged by 13%, currently hovering around $34 billion, the report added.