Bitcoin Boosted a Bit by Dovish Comments From Fed's Bostic

In the process of giving up on the chance of any Federal Reserve rate cuts in 2025, investors Thursday got a modest dovish surprise from Atlanta Fed President Raphael Bostic.

"I view the employment outlook as stable, but signs of slowing are accumulating," said Bostic in an essay. He noted that it's become harder for unemployed workers to find a job than a few months ago and job finding probabilities are lower now than they were prepandemic. "Consequently," said Bostic, "the average stint of unemployment is about three weeks longer than it was in August."

He's also expecting moderating inflation readings as the slowdown in rent increases being seen on platforms like Zillow and Redfin work their way into government price statistics.

Bostic called the current monetary stance of the Fed moderately restrictive and said he expects two interest rate cuts in 2025.

Both the yield on the U.S. 10-year Treasury and the greenback slipped a bit on the back of Bostic's comments, helping to boost the price of bitcoin (BTC) about 0.5% to $97,600.