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Today, market participants were able to gain more insight into the inner thinking of the Federal Reserve officials through the release of the minutes from last month’s FOMC meeting. The document revealed that they changed the wording in the post-meeting statement to indicate that no cuts would be coming until Fed officials held “greater confidence” that inflation was receding.

According to a poll of economists conducted by Reuters, the Federal Reserve will initiate its first interest rate cut in June. This aligns loosely with the CME’s FedWatch tool which predicts only an 8.5% probability of the first rate cut in March, a 34.9% in May, and a 77.25% probability of lower rates in place by June.

U.S. Treasury Secretary Janet Yellen was very vocal about how Americans did not properly focus on the big picture as it pertains to yesterday’s CPI report. While acknowledging that the data revealed yesterday that inflation was fractionally higher than expectations, she believes that the real focus should have been on the big picture.

Today the U.S. Bureau of Labor Statistics released the consumer price index report for January.

Jeremy Szafron, Anchor at Kitco News interviews Gary Wagner, Editor of, where he discusses his technical analysis on Bitcoin's ascent past $50,000 and the S&P 500 surpassing 5000, analyzing the indicators that signaled these moves and where levels of resistance maintain.