Lee Sees Crypto as Top FOMO Asset Ahead of Potential Market Rally
Fundstrat's CIO Tom Lee believes that despite growing Fed rate hike fears, the market could see a 'surprise upside'. He noted in an interview with CNBC that September is often a weak month for markets due to mounting concerns. However, he expects a potential pivot point at the upcoming September 15th Fed meeting.
Lee stated that if the Fed does not cut or hike interest rates (keeping them at their current 3.50%-3.75% pause), the market could rally 'very strongly'. In particular, he thinks crypto assets will be a key beneficiary of this scenario.
The market has already been impacted by recent hawkish comments from Fed officials, with inflation remaining sticky and underlying conditions not favoring loose monetary policy. Bitcoin's price struggled below $80K over the weekend and into September due to these concerns.