💥This week is an important one for crypto traders, as on Friday, important economic news will be released. Federal Reserve Chairman Jerome Powell will speak, which could move the price of Bitcoin (BTC). What Powell says could have a major impact on the US economy and monetary policy.
💥What does Powell's confidence mean?
👉In a speech at an economic conference, Powell said he was optimistic about the stability of the labor market. He said there were no surprises on inflation, thanks to the interest rate cut plans. This shows that the Fed wants to maintain economic stability without causing unemployment to rise.
💥How are traders reacting?
👉What Powell said could create a positive sentiment in the market. He said the US economy is growing strongly and has made progress in controlling inflation without increasing unemployment. It is expected that interest rates could be cut by 50 basis points to protect the labor market and achieve the inflation target.
👉However, traders are taking a more cautious approach. They believe the Federal Reserve may only cut interest rates by 25 basis points in November, instead of 50 basis points. The market is closely watching this development, as it could have a major impact on how traders plan and forecast the economy going forward.
Wish you successful investment!