Bitcoin Await CPI While Jerome Powell Says Fed Is In No Rush To Cut Interest Rates

Bitcoin may have to wait until Thursday for a big reaction to US economic news, one of the four fundamental factors investors are watching for the recovery. On Tuesday, Bitcoin tested the $58,000 price range only briefly, weighed down by Powell's testimony, before retreating to the $57,000 price range.

The increase in Bitcoin price came when Powell said that the Federal Reserve is not ready to cut interest rates yet. Citing the need for “more good data to boost confidence,” he expressed a cautious approach to combating inflation. Powell also stressed the importance of seeing inflation move toward the 2% target sustainably.

According to the Federal Reserve Chairman, policymakers remain alert to the risks posed by inflation. They do not want to ease too early or too much. They also don't want to ease too little or too late as that could "unjustifiably weaken the economy."

“We're very much balancing those two risks,” Powell said. “That's the core of what we're thinking about these days.”

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