As a seasoned researcher with a deep understanding of financial markets and central bank policies, I find Jerome Powell’s recent remarks at the Economic Club of Washington, D.C., particularly intriguing in light of their potential impact on the crypto market.
As a researcher, I’ve been closely monitoring the latest developments in the crypto market, and I was intrigued by Federal Reserve Chair Jerome Powell’s recent remarks. These comments may potentially shape the direction of cryptocurrencies moving forward.
On Monday, Powell indicated that the Federal Reserve won’t delay reducing interest rates once inflation hits the 2% mark.
As a crypto investor, I’ve come to understand that when the Federal Reserve Chair, Powell, speaks at events like the Economic Club of Washington D.C., he often refers to the idea that central bank policies take a long time and can have varying effects before we see the results. This means that the Fed won’t necessarily hold off on making decisions until their target is met in the present moment. Instead, they may choose to act based on the economic trends and data they currently have available.
According to Powell, the Fed seeks “greater confidence” that inflation will return to 2%.
At the outset of his speech, Powell made it clear that he didn’t intend to send any hints regarding the timing of the Federal Reserve’s decision to reduce interest rates. The Fed’s upcoming policy session is scheduled for late July.
As a crypto investor, I’m keeping an eye on the upcoming schedule of Federal Reserve officials’ speeches this week. On Tuesday, my focus will be shifted towards the release of the latest retail sales figures and import and export price updates.
How cryptocurrencies reacted
The crypto market is exhibiting varied responses following profit-taking sessions, but the majority of cryptocurrencies still maintained gains this week. Investors carefully considered remarks made by Federal Reserve Chair Jerome Powell regarding the economic situation and potential rate adjustments.
Some digital currencies, including Dogecoin (WIF) and Floki Inu (FLOKI), as well as the meme coin PEPE with a frog theme, experienced impressive growth within the past day. Specifically, Dogecoin saw a surge of 20.35%, while Floki Inu rose by 18.4%, and PEPE gained an impressive 23%.
In the previous 24 hours, Bitcoin experienced a gain of 0.46%, bringing its price up to $63,166. It had even reached a nearly monthly peak of $65,025 earlier in the day.
Recent weeks have seen decreased appetite for risky assets due to uncertain anticipation regarding U.S. interest rate reductions. Bitcoin dipped to levels not witnessed since February as a result.
The Fed Chair’s latest comment suggesting potential interest rate reductions seems favorable for the cryptocurrency market.
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2024-07-16 14:13