Announcing the rate hike decision last week and then answering the questions Fed chairman Jerome Powellwill give a speech at the Washington Economic Club today at 20:40.
Powell’s speech last week was interpreted by the markets as the transition from the hawkish FED to the pigeon FED. Bitcoin (BTC) And cryptocurrencyrally took place.
After this rally BTC And altcoins some of these gains were given back and their prices fell.
Hence Powell’s speech that it will rain today bitcoin remains important to investors.
It is also expected that the FED chairman will give more clues about the economy and make a clearer statement about the rate hikes in the coming days.
Chris Senyek of Wolfe Research About Powell’s speech BloombergHe said to :
“Fed Chairman Powell remains a big joker every time he speaks.
Investors will want to see the Fed not back down from last Wednesday’s dovish stance, especially with regard to financial conditions and the US’s disinflation process. However, we still believe that the Fed will continue to increase interest rates for a while.”
Fed Chairman Jerome Powell In his speech last week, he emphasized the following important points:
“We are determined to reduce inflation to the 2 percent target. The effects of rapid tightening have not yet been felt.
We find more rate hikes appropriate. We still have a lot of work to do. We need more evidence to be sure that inflation is on the downside.
Monetary policy will have to remain restrictive for a while. Although inflation has slowed recently, it remains high.
We will continue to evaluate the rate hike decisions by looking at the data from meeting to meeting.”
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