Powell’s Assurances Ignite Hope for Cryptocurrencies And Powell's Highlights..
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Fed Chair Powell has begun making significant statements that hold great importance for cryptocurrencies. Interest rates dropped by 50 basis points and aligned with market expectations. However, many analysts did not anticipate such a sharp start from the Fed. This marks the beginning of a loosening period with a reduction above 25 basis points for the third time in decades. But what do these announcements mean for cryptocurrencies?
Key Messages from Fed Chair
As this article was prepared, Fed Chair Powell commenced his remarks. While the interest rate decision is crucial, his messages regarding the U.S. economy are equally significant. Members have largely revised down their interest expectations for the upcoming year, reflecting a belief in inflation progressing toward the 2% target, which was conveyed during the interest rate announcement.
Powell’s statements are expected to cause fluctuations in cryptocurrencies in the coming hours. Key highlights from his remarks include:
Powell began his speech.
The economy remains generally strong.
The labor market, previously overheated, has begun to cool.
Today’s decision reflects growing confidence in preserving the strength of the labor market.
Consumer spending continues to show resilience.
The Fed can maintain the strength of the labor force through policy adjustments.
We expect GDP growth to remain strong.
The labor market continues to cool, marking a significant decline from earlier this year.
The labor market is not the source of high inflationary pressures.
Inflation has significantly decreased but remains above our target.
Long-term inflation expectations appear well anchored.
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