One of the biggest asset managers in the world, Jeffrey Rosenberg of BlackRock, who applied for a spot Bitcoin ETF in the summer and sparked a spike in the price of Bitcoin and other cryptocurrencies, assessed the FED’s ruling.
In the latest interest rate decision for 2023, the Federal Reserve (FED) has opted to keep rates unchanged, a widely anticipated move. The decision has fueled expectations that the FED might consider lowering interest rates in 2024.
The Federal Reserve’s decision to pause interest rates and make a suggestion about a rate cut in 2019 was characterized by BlackRock fund manager Jeffrey Rosenberg in an interview with Bloomberg as a “green light” for cryptocurrency investors.
Rosenberg said, “The bullish sentiment created by the Fed’s decision and its hints about a rate cut may continue for a while, at least until we get new economic data, and until then the message is clear: Because the FED is more than willing to see an easing in financial conditions.”
“The Fed is happy with this trend and is now willing to take action for change,” he added. “At this point, I don’t think the FED will do anything to prevent this positive trend.”
In addition, Blackrock manager Rosenberg hinted that the Federal Reserve’s first interest rate cut might occur in the summer, saying, “June is my choice if I had to pick a month.”