US GDP Grew By 2.6% In The Third QuarterAdmin
US GDP growth is faster than analysts’ expectations. They also argue that this could negatively affect bitcoin, as the Fed will be forced to continue its aggressive policy.
The US economy expanded in the third quarter, a sign that activity remains strong despite the Fed’s aggressive move to raise rates to curb inflation this year.
GDP rose 2.6% in September, according to a Commerce Department report. This growth followed a contraction of 1.6% in the first quarter and 0.6% in the second, prompting speculation that the economy may have entered a recession.
Bitcoin remained stable for a few moments after the report’s release, near $20,700. Such indicators may indicate that the economy can withstand further interest rate hikes by the Fed.
Is there a chance the Fed will slow down its rate hike? The US Central Bank hinted at a slowdown in rate hikes after the next meeting in November due to fears of excessive tightening. But only time will tell.