The White House administration also touched upon the issue after the FED increased interest rates by 25 basis points and FED Chairman Jerome Powell said in his statement that inflation was still high and that they might need to increase interest rates.
Jerome Powell said that the issue of interest rate cuts will not be on the table this year.
White House: Biden ‘Still’ Trusts Fed Chairman Powell
White House spokeswoman Karine Jean-Pierre said in her speech that US President Joe Biden still trusts Fed Chairman Jerome Powell.
The press conference held by the White House ended without further details.
It is not unusual for the White House administration to weigh in on the Fed’s monetary policy decisions, especially during times of economic uncertainty or when inflation is a concern.
In this case, the 25 basis point rate hike announced by the FED was seen as a move to reduce the persistently high inflationary pressures in recent months.
According to Powell, inflation forecasts are still too high and the Fed is not ready to step back yet. Powell said at a press conference in Washington that they have a long road ahead and the road to the 2% inflation target will likely be bumpy. That’s why the Federal Open Market Committee increased the target rate range from 4.5% to 4.75% to 5%.
Traded at around $28,500 before the interest rate announcement. bitcoin, After announcing a 25 basis point increase, it fell below $27,000. BTC is trading at $ 27,145 at the time of this writing.
*Not investment advice.
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