Watch Live: FED Chairman Speaks! Eyes on the Senate in Bitcoin

While the markets followed the impact of the war between Russia and Ukraine on the economies, they also focused on the statements from the FED.

You can watch Powell’s speech to the banking committee live here.

Fed Chairman Powell will present his six-month monetary policy report to the Senate today.

Powell’s 25 basis point rate hike announcement yesterday was received positively. Powell is expected to speak today on inflation, interest rate hikes, economic growth and the effects of Russia-Ukraine tensions on the US economy.

The Fed chairman’s speech first wiped out gains after US stocks opened with a 0.5% premium.

It is trading at $43400 on Bitcoin as Powell starts speaking.

What Did He Talk About Yesterday?

• Inflation is hovering well above our target of 2 percent.
• I think it is appropriate to increase interest rates by 25 basis points in March.
• We think inflation will start to decline this year. However, if it continues, we can make stronger moves with a 50 basis point increase in interest rates in the upcoming meetings.
• The contraction of the balance sheet will begin after the rate hike process.
• Current digital currencies are speculation tools.
• Congress needs to act on cryptocurrencies.