Bitcoin falls below $59,000 as Fed may pause rate cuts in November

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The price of Bitcoin fell below $59,000 on Thursday, down 4% in the past 24 hours, following remarks by Atlanta Fed President Raphael Bostic that hinted at a possible pause in rate cuts in November.

Atlanta Fed President Raphael Bostic said the central bank could hold off on cutting interest rates next month depending on how economic data plays out.

“I’m very comfortable skipping a meeting if the data suggests it’s appropriate,” Bostic said in an interview today.

His comments come after the Department of Labor reported a slightly higher than expected September Consumer Price Index (CPI) inflation rate.

Bostic, while acknowledging that the economic indicators of late have been weak, said:

“This hustle to me is in the sense that maybe we should take a break in November. I’m definitely open to it.”

He added that the Fed has the ability to “wait and wait” to see how the data evolves.

The US inflation rate rose 0.2% in September, slightly above expectations of 0.1%. This increase, combined with an increase in weekly jobless claims, added to market volatility. However, Bostic remained open to resuming cuts later in the year.

“It’s a journey to breakeven … whether you move 25 basis points here or there, I don’t think that’s as important,” he said.

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