US Fed Officials Agree On Rate Cut In September, BTC Options Traders Target $100K

US Federal Reserve (Fed) officials are open to interest rate cut in September, pivoting from months of rate hikes and keeping rates stable. Minneapolis Fed President Neel Kashkari confirms it’s appropriate to discuss Fed rate cuts in September. This followed other dovish comments from other Fed officials due to cooling inflation and slowing labor market, will it cause Bitcoin to rally?,Minneapolis Fed President Neel Kashkari told Wall Street Journal on Monday that it’s the right time to discuss potential rate cuts by the U.S. Federal Reserve. He agrees with the idea of rate cuts starting in September.,“The balance of risks has shifted, so the debate about potentially cutting rates in September is an appropriate one to have,” Kashkari told the Journal in an interview.,Kashkari’s comments come after St. Louis Fed President Alberto Musalem, Atlanta Fed President Raphael Bostic, and Federal Reserve Bank of San Francisco President Mary Daly’s dovish stance. They also agree on potential rate cuts starting in September.,However, he sees no reason to lower interest rates larger than 25 bps in a month as layoffs remained low and claims for unemployment benefits did not suggest a notable decline.,CME Fed Watch tool shows a 75.5% probability of 25 bps rate cut in September, with 75 bps Fed rate cuts expected until the year end.,Reuters poll of economists also revealed 25 basis points at each of the remaining three meetings of 2024 and a recession is unlikely in the United States.,BTC price is currently trading under $60,000, down 20% from the all-time high. MicroStrategy executive chairman Michael Saylor says BTC is available at 20% off, sparking positive sentiment in the crypto community.,Deribit data shows BTC options trades are targeting Bitcoin price to hit $100k in December. Meanwhile, $3.38 billion of notional value is to expire on August 30. The max pain point is at $61,000, indicating a recovery by the end of the month itself.,US Fed rate cuts will cause volatility in the stock and crypto markets initially, with massive reshuffling traders’ positions similar to other key events.,