Federal Reserve officials will announce their decision regarding interest rates today, coming out of their March FOMC meeting, as Wall Street tries to guess just how many rate cuts they have planned for 2024.
Bitcoin (BTC-USD) prices teeter around the $64,000 mark after the cryptocurrency's drop since reaching an all-time high last week.
The Biden administration will be awarding Intel (INTC) $8.5 billion in CHIPS Act grants.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
JULIE HYMAN: So, let's get right to it. The three things that you need to know-- your roadmap for the trading day. Yahoo Finance's Jennifer Schonberger, Josh Schafer, and Josh Lipton have more.
JENNIFER SCHONBERGER: The Federal Reserve widely expected to hold interest rates steady this afternoon in the range of 5 and 1/4% to 5.5%. But the major question on the table is whether bet officials still see three rate cuts this year, or whether that could be scaled back in light of hotter than expected inflation data in the first two months of this year.
The other major question on the table-- when could the Fed begin lowering rates? Is June still in play, or could that be pushed back?
JOSH SCHAFER: Bitcoin regaining some losses after a big pullback. The price of Bitcoin hovering just around 64,000 after shedding more than $210 billion in value since its record high last week. That's according to data over at coin market cap, and the entire cryptocurrency market has been tracking losses around $400 billion in market cap.
JOSH LIPTON: And a milestone moment for Intel. The White House agreeing to provide Intel with up to $8.5 billion in funding through the CHIPS Act. Chip makers saying the infusion of cash will eventually fund sites at locations, including that massive complex building in Ohio, plants in Arizona and New Mexico, and its research and development facility in Oregon.
CEO Pat Gelsinger calling the federal grant a, quote, "defining moment for Intel," and, "the next great chapter of American semiconductor innovation."
