Federal Reserve Bank of Kansas City President Jeff Schmid said he favors slowing the pace of interest-rate cuts and only after a persistent change in incoming economic data.

Bitcoin prices have declined in the last few days, falling to nearly $92,500 after robust U.S. economic data impacted Fed rate cut expectations.

Bitcoin (BTC-USD) fell back to below the $100K mark on Tuesday after stronger-than-expected U.S. economic data led investors to further scale back their expectations for interest-rate reductions by the Federal Reserve.

Major stock markets in the Gulf were mixed in early trade on Thursday as signs of U.S. economic resilience dampened expectations for aggressive interest rate cuts in the near term.

Wall Street pointed modestly lower Wednesday as markets remain anxious about lingering inflation and the potential for fewer interest rate cuts by the Federal Reserve. Futures for the S&P 500 and the Dow Jones Industrial Average were both down about 0.