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At the Federal Open Market Committee (FOMC) meeting held on July 28, 2021, the FOMC determined that economic activity indicators and employment rates have significantly improved due to vaccination progress and strong policy support. As in the previous meeting, FOMC decided it would maintain the existing accommodative policy to keep inflation at 2 percent in the long run, with the premise that the economic situation will depend on the nature of the virus.
Although the increase in the US CPI in June exceeded 5%, it is regarded as a temporary situation. The employment rate has not yet reached the target level, and there are still risks due to the spread of the delta virus that should be considered.
It can be concluded from the July meeting that there will be no change in the current policy for the time being.
It is well known to the community that the cryptocurrency market tends to fluctuate significantly based on the narratives and memes rather than macroeconomic factors. On the other hand, decisions are made based on various information, such as macroeconomic indicators, during the FOMC meeting. Based on the FOMC statement, it seems that the current narrative leans towards a short-term solution due to the nature of the situation. It would be wise for traders to be well prepared with various information and make a judgment at the right time before making any moves, such as when the market fluctuates with fear and greed or a period of silence as if nothing had happened.
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