Inflation data to be published this week and Powell's statements are expected to bring an increase in the markets.
Powell draws attention to the risks of unnecessary tightening and premature easing.
The Fed decided to relax later than expected after the first quarter inflation data. Bitcoin price is at $57,180 at the time of writing this article, and important statements by Fed Chairman Powell are on the agenda. We recently talked about the effects of Powell's statements on Tuesday and Wednesday on the markets, as one of the important developments of this week. Powell's statements regarding inflation and interest rate cuts will help us understand the current situation.
Statements of the Fed President and Cryptocurrency Markets
Powell shares his views on 6-month monetary policy at the time of writing. He emphasizes that the decline in inflation must continue for interest rate cuts to occur. Additionally, Powell notes that inflation is not the only problem. His statements at the time the article was being prepared are summarized as follows:
A cut to the policy rate is not appropriate until the Fed gains greater confidence that inflation is sustainably moving toward 2%.
High inflation is not the only risk we face.
More good data will increase our confidence in inflation. We are making significant progress towards the 2% inflation target; Latest monthly data show that this progress continues.
First quarter data did not give more confidence in the inflation path required for the Fed to cut interest rates.
Reducing the restriction too late or too little could unnecessarily weaken the economy and the employment market.
Reducing the restriction too soon or too much risks reversing inflation progress.
Restrictive policy helps put downward pressure on inflation.
The US economy is expanding at a solid pace.
Risks to achieving employment and inflation targets are becoming more balanced.
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