The Federal Reserve decided to leave interest rates unchanged.
It also indicated that another rate hike will be implemented later this year.
Shiba Memu has raised over $3.1 million, defying gravity.
Stocks and cryptocurrencies experienced significant pressure this week as the Federal Reserve hinted at higher interest rates in the coming months. The Dow Jones, Nasdaq 100, and S&P 500 declined for four consecutive days. Similarly, Bitcoin decreased to $26,000 from this month’s peak of nearly $28,000.
Federal Reserve decision
The latest Federal Reserve interest rate decision was the main driver of the performance of stocks, cryptocurrencies, and bonds. The bank opted to keep interest rates unchanged between 3.50% and 3.25%. Additionally, the committee expressed concerns about inflation.
Consequently, the dot plot indicated another 0.25% hike by the end of the year. If this materializes, interest rates will reach 5.75%, the highest level in over 23 years. The Fed’s concerns about inflation are well-founded.
Recent data shows a continuous surge in the price of crude oil. Brent, the international benchmark, rose to $95, and many analysts believe it’s only a matter of time before it reaches $100.
The prices of other agricultural commodities are also increasing. Live cattle has experienced a 20% jump this year and is currently at a record high. Cocoa, used in chocolate production, has skyrocketed due to low yields in Ghana and Ivory Coast. Orange juice prices have also surged.
Therefore, it’s likely that the Federal Reserve will continue raising rates in the upcoming months. Additionally, UAW workers are engaged in a major strike, while a significant traffic jam is occurring at the Panama Canal.
Shiba Memu thrives despite risks
The actions of the Fed pose a risk of plunging the American economy into a recession. The M2 money supply in the economy has dropped by over $2 trillion in recent months. Delinquency rates have increased, and mortgage rates are approaching 8%.
Nevertheless, investors remain intrigued by Shiba Memu, a forthcoming meme coin with AI features. Data on its website (use this link) reveals that the token has already raised over $3.1 million from investors. This positions it as one of the top performers this year.
Shiba Memu aims to be an improved version of Shiba Inu, the popular meme coin. It plans to incorporate AI features for self-marketing purposes. Consequently, if successful, Shiba Memu could surpass other meme coins like Dogelon Mars and Pepe, which lack significant utility.
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