Fed loses access to key jobs data ahead of FOMC meeting, markets reel

Federal Reserve and Economic Data - The Federal Reserve has lost access to employment data from ADP, complicating its ability to make informed policy decisions regarding interest rates [1][6] - The ongoing government shutdown has already limited the Fed's access to key economic data, further exacerbating the situation [1][6] Impact on Crypto Markets - The uncertainty surrounding the Fed's data access has contributed to a decline in the crypto markets, with the total market cap falling to $3.65 trillion, a decrease of 4.79% in the last 24 hours [2] - Major cryptocurrencies have also seen significant declines, with Bitcoin down 3.87% to $108,174.81, Ethereum down 4.26% to $3,837.67, and Solana down 5.35% to $183.58 [3] Interest Rate Policy Implications - The Fed's interest rate policy is crucial for market liquidity, affecting both traditional and crypto markets [4] - A rate cut by the Fed is generally seen as a bullish move, while maintaining or increasing rates is viewed as bearish [4] - The last rate cut of 25 basis points in mid-September did not lead to a rally in the crypto market, indicating that the market had already priced in the expected cut [5] Upcoming Federal Reserve Meeting - The next Federal Open Market Committee (FOMC) meeting is scheduled for October 28-29, with market participants keenly awaiting the Fed's decisions [7][8]