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- 📢 Gate Square #Creator Campaign Phase 2# is officially live!
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As July comes to an end, two significant events are approaching: the Federal Reserve FOMC Interest Rate decision and the Solana ETF opinion solicitation deadline. Both events will occur on Thursday (Beijing time), attracting significant market attention.
Regarding the interest rate, it currently remains in the high range of 4.25%-4.50%. The market generally expects (according to CME FedWatch data showing a 97% probability) that this meeting will keep the interest rate unchanged. It is worth noting that the market's expected probability for the first rate cut in September is about 58%.
This expectation is mainly based on the gradual cooling of inflation, but it has not yet fully met the target. The PCE inflation index in the United States for May has dropped to 2.3%, close to the Federal Reserve's target of 2%. However, the core inflation rate, excluding food and energy, remains at 2.7%, which keeps the Federal Reserve cautious in easing policies.
The market will closely monitor the post-meeting statement and Chairman Powell's speech for clues on the future direction of policy. Any subtle changes in wording could trigger significant fluctuations in the dollar and Intrerest Rate markets.
On the other hand, the approval process for the Solana ETF seems to be accelerating. The U.S. Securities and Exchange Commission (SEC) has requested the submission of a new round of materials by July 31, or else it will be considered a withdrawal of the application. This timeline is much faster than the usual 240-day approval cycle, indicating that the SEC intends to expedite the approval process for the SOL ETF. The next key date is October 10, which is the statutory latest approval date.
Industry institutions estimate that if the SOL ETF is approved, it could attract daily inflows of $150 million to $200 million, which will have a positive impact on the entire Solana ecosystem.
The outcomes of these two events will have a significant impact on the cryptocurrency market, and investors should closely monitor the relevant developments and adjust their investment strategies in a timely manner.