Fed Chairman Jerome Powell Delivers His Expected Speech: Here’s Bitcoin’s (BTC) First Reaction!

Fed Chairman Jerome Powell gives the speech that investors are eagerly waiting for. Here are excerpts from Powell’s speech:

  • The Fed is responsible for price stability. The fight against inflation is far from over. A slowdown in rate hikes is possible next month.
  • It is logical that the rate of increase in interest rates will remain moderate for a while. But restrictive monetary policy will need to continue for some time.
  • Our historical experience warns us against hasty monetary policy easing.

After Powell’s comments bitcoin His chart reacted with bullish:

The rise in BTC price after Powell’s speech.

BTC price had risen above $17,000 at night today.

Investors Awaited Powell’s Speech Today

Investors were waiting for Powell’s speech today at the Brookings Institution that could provide more insight into the Fed’s thoughts on future rate hikes.

The Fed is scheduled to meet later this month and is forecast to raise rates by 0.5 percentage points, largely by 0.5 percentage points, after four consecutive 0.75 percentage points hikes to contain high inflation. Any signal of future rate hikes will likely lift the markets.

Chris Zaccarelli, chief investment officer of the Independent Advisor Alliance, said:

“All eyes will be on President Powell’s speech today, but we do not believe it will mark a new milestone. It wants the stock market to fall and is ready to endure a recession to get inflation back under control.”

Investors were shaken by conflicting economic reports Wednesday morning. Payroll processing firm ADP reported fewer job postings than expected in October, pointing to a shrinking workforce. However, the US Department of Labor also stated that job postings decreased during the month, while there were still more job postings than the number of employees.

*Not investment advice.

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