Powell Awaits As The $22,000 Struggle In Bitcoin Continues! Live broadcast

Powell will make a presentation to Congress today. Having made hawkish statements before the Senate Banking Committee yesterday, Powell will speak to the House of Representatives Financial Services Committee today. You can watch it live at the link below.

In the statement made by the FED, it was stated that the same statements as yesterday were presented in written text.

The headlines of Powell’s speech yesterday were as follows. He is expected to say similar things today. Before Powell’s speech, Bitcoin is trading at $22,000.

What Did He Say Yesterday?

“January data on employment, consumer spending, manufacturing output and inflation partially reversed the easing trends we saw up until a month ago.

This turnaround indicates that the inflationary pressures assessed during our previous Federal Open Market Committee (FOMC) meeting were higher than expected.

From a broader perspective, inflation has declined slightly since mid-last year, but remains well above the FOMC’s long-term target of 2 percent.

With inflation well above our long-term target of 2 percent and the labor market remaining extremely tight, the FOMC continued to tighten its monetary policy stance, raising interest rates by 4-1/2 percentage points over the past year.

We continue to anticipate that continued increases in the federal funds rate target range will be appropriate to achieve a stance of monetary policy restrictive enough to bring inflation back to 2 percent over time. We are also continuing the process of significantly reducing the size of our balance sheet.

The Board slowed down the rate of increase in interest rates in its last two meetings. We will continue to make our decisions at meetings, taking into account all the incoming data and their reflections on the economic activity and inflation outlook.

Although inflation has slowed in recent months, the process of bringing inflation back to 2 percent has a long way to go and is likely to be ups and downs.

As I mentioned, the latest economic data came in stronger than expected, suggesting that the final level of interest rates could be higher than previously anticipated.

If all the data were to show that faster tightening was necessary, we would be ready to accelerate the pace of rate hikes. Restoring price stability will likely require us to maintain a restrictive monetary policy stance for a while.”