Powell Mentioned Stablecoins In His Speech, Bitcoin Moves!

Fed Chairman Jerome Powellspoke in front of the Financial Services Committee of the US Congress House of Representatives today at 17:00.

The text of Powell’s speech to Congress has been published before.

In his speech, Powell stated that they are determined to reduce inflation and that further rate hikes may be seen until the end of 2023.

In this context, Powell stated that they will continue to increase interest rates, but they have slowed the rate of increase in interest rates.

“…Almost all FOMC participants think it would be appropriate to raise interest rates a little more by the end of the year. But given how quickly we moved at last week’s meeting, we decided it would be prudent to keep the target range fixed to allow the committee to evaluate the additional information and its implications for monetary policy.

Because, just as a car slows down when it approaches its destination, we also slow down the rate of increase in interest rates. Speed ​​is one thing, interest rate hikes are another.

Inflation pressures continue to be high. In this context, the FED’s process of reducing inflation to 2% again continues. “

stablecoins Talking about it, Powell said that they see stablecoins as a form of money.

“We see stablecoins as a form of money. In this context, it would be a mistake to undermine the Fed’s role in stablecoins.”

Powell’s positive statements on stablecoins helped Bitcoin rise above $29,500.

Powell’s speech continues. Will there be a $30.00 test in Bitcoin with the end of the conversation? We will be following.

*Not investment advice.