India, July 8 -- Cryptos are trading on a muted note ahead of the release of the FOMC minutes on Wednesday. Persisting trade related jitters as well as doubts about the timing of the Fed's next interest rate cut dampened sentiment. The Dollar's firmness also weighed on sentiment.
The Federal Open Markets Committee had in June maintained the target range for the federal funds rate at 4.25 to 4.50 percent and simultaneously warned about stickier inflation and slower growth. It also acknowledged that uncertainty about the economic outlook has diminished but remains elevated. The Fed also placed on record that it anticipates the Federal funds rate to fall to 3.9 percent in 2025, implying two more rate cuts in 2025.
However, Fed rate cut expec...