Markets Rally Ahead of FOMC, ETH Potentially Declared a Commodity

After a strong rally yesterday off the back of cooling inflation data, markets continue to rise as investors look forward to the FOMC meeting later today. The consensus is that the Fed will raise rates by 50 bps, but attention will be focused on the language of Jerome Powell’s speech and the updated dot plot, which will give insight into where Fed members see the terminal rate falling. The S&P 500 and Nasdaq 100 are both up over 0.50% at the time of writing, while BTC has surpassed $18k (+2.10%) and ETH is trading around $1,340 (+1.52%). After being an outperformer leading into the World Cup, Chiliz (CHZ) has underperformed as the massive soccer tournament winds down this week. CHZ is down 15.38% this month, while ETH is up 3.34% over the same period.