Bitcoin And altcoins The first data was announced in this critical week. Although PPI data came above expectations on a monthly basis, it came in line with expectations on an annual basis.
After data release BTC Although the price experienced a momentary decrease, the price was not affected much.
The second biggest event of the week after PPI data Fed Chairman Jerome Powell He started his speech at the Dutch Foreign Bankers Association panel.
“The US economy is performing very well.
The US economy has a very strong labor market.
There are still labor shortages in many sectors, but overall it’s a good picture for now when looking at US economic data.
There are signs of gradual cooling in the labor market as supply and demand reach better balance.
We expect continued GDP growth of 2% or better.
We expect the labor market to continue rebalancing but remain strong.
We did not expect a smooth path on inflation, we must be patient and let politics do its job.
The decline in inflation in the first quarter was notable for its lack of further progress.
We expect inflation to return to levels similar to last year, but my confidence that inflation will fall again is lower than before.
Overall confidence that inflation will fall is also lower than before.
I can’t say it’s high for PPI data, it’s a bit complicated.
Time will tell whether we are restrictive enough on policy.
Restrictive policies may take longer than expected to reduce inflation
“Do not think that the next move will be an interest rate increase.”
It was at $61,790 before Powell’s speech. Bitcoin It fell to $61,300 during the speech.
*This is not investment advice.