Fed's October Rate Hike Odds Plummet Below 50%

The Federal Reserve's potential interest rate hike in October has taken a hit. New York Fed President John Williams, the second-ranking official on the Federal Reserve’s rate-setting committee, stated that there is no need for urgency regarding an October rate hike.

Williams' comments led to a significant drop in the probability of an October rate hike from 70.9% to below 50%, according to CME data. This change has implications for Bitcoin and other risk assets.

Fed Governor Michael Barr, on the other hand, sounded less patient, stating that further policy adjustments are likely needed to ensure inflation comes down to target in a timely fashion.