traditional markets and cryptocurrency Today, the focus is on the speech of Fed Chairman Jerome Powell.
Powell will participate in the panel titled “Perspectives on Monetary Policy” as part of the Thomas Laubach Research Conference hosted by the FED.
Powell’s speech will begin at 18:00 Turkish time.
From our Twitter account and you can learn Powell’s statements instantly on our site.
The general consensus among Fed speakers this week was that inflation was too high and the Fed should remain hawkish to keep prices down, potentially requiring further rate hikes.
Fed interest rate futures show that markets are still in a position that the Fed will pause rate hikes in June. If interest rates stay higher for longer bitcoin, It is possible for gold and other precious metals to come under pressure.
On the other hand, it is thought that Powell’s speech will be tough for the markets, as always. It is possible to see volatile movements in Bitcoin throughout the conversation.
Available Data Predicts Fed Will Pause Rate Raising
CME Group 30-Day Fed Fund futures prices expect a pause in the interest rate hike by 62.2% before the FED’s interest rate decision in June, which is approximately 26 days away. A 25 basis point rate hike is expected at 37.8%.
Before Powell’s speech, Bitcoin price is flat after yesterday’s decline and is trading at $ 26,861 at the time of this writing.
Powell is known for his pro-interest rate views. But even Powell may be constrained by how far he can go at this point. Unless the political stalemate over the US federal debt limit is resolved, it seems unlikely that the Fed will raise interest rates. If the US debt defaults, the central bank may even be urged to take urgent steps to ease the burden on the economy.
*Not investment advice.
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