Bitcoin continues to trade below $20,000 as global markets focus on statements from monetary policymakers.
The titles priced by the markets today and the explanations to follow are as follows:
Beige Book
According to reports from 12 branches of the US Federal Reserve, the annual “beige book” report states that economic growth will remain weak for 6-12 months.
In the report, it was noted that prices remained high, but increases in 9 out of 12 branches slowed down.
The report stated that there is a consensus that price pressures will continue until the end of the year.
FED/Brainard Statements
FED Vice President Lael Brainard reiterated his message of determination in the fight against inflation in his speech yesterday and said that the tight monetary policy will be maintained.
Stating that a few months of low inflation data are needed to see that inflation slows down, Brainard stated that the monetary policy will be shaped depending on the data.
Also speaking about stablecoins, Brainard reiterated his demand for urgent regulation.
Eyes on the Future Decision from the ECB
At 15.15, the ECB will announce its interest rate decision. The expectation is for a 75 basis point rate hike. Before the decision, the EUR/USD parity rose above the 1 level again. A higher-than-expected rate hike could weaken the dollar’s strength, which bitcoinIt may cause us to see an upward move in . A below-expected rate hike will increase the strength of the dollar.
After the decision, Lagarde’s verbal guidance will be followed at 15.45.
Powell Will Speak
FED Chairman Powell is expected to speak at the Cato Institute conference at 16.10 Turkish time. The messages of Powell, who will make a statement for the first time after the Jackson Hole meeting, will be followed.
Gary Gensler to Speak
SEC Chairman Gary Gensler will be speaking at the Invite Only Summit at 17.00 Turkish time.
Gensler is expected to issue some warnings about cryptocurrencies.
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