The Fed's tight monetary policy and the concern that it will continue stand out as one of the most important factors putting pressure on the cryptocurrency markets. Last year, Powell claimed that the increase in inflation was temporary, but we witnessed rapid interest rate increases in the new year. It remains unclear when interest rate cuts will begin. So, how do Fed members evaluate the latest developments?
Fed and Macroeconomic Readings
Although US employment and wage growth data were positive, PPI data was disappointing. Although the latest inflation data was positive, the high figures announced in the first quarter created a feeling of pessimism in the market. How are Fed members interpreting market conditions right now? They made important statements today and we need to examine them carefully.
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Fed Barkin's Statements
The summary of the statements made by Fed's Barkin is as follows:
"We cannot deny that fiscal spending has an impact on the economy. The impact of inflation is a long-term process. At the moment, the question of how long we should keep interest rates constant is important. I believe that inflation will decrease, but this will take time. Labor market conditions are normalizing, but unemployment rates are It's still historically low. Demand needs to decrease for inflation to reach 2%. CPI is still not at the Fed's target. Retail sales data shows that consumer spending is good, but not perfect. Businesses, in particular, may continue to raise their prices. They tend to."
Statements by Mester from the Fed
Fed member Mester evaluated the latest developments. Some of his prominent statements were:
"U.S. fiscal policy is unsustainable and must be brought under control. I welcome signs of cooling inflation. Labor market conditions are strong. Current restrictive policies will help reduce inflation. The Fed is in a good position to review monetary policy. Confidence that inflation is approaching 2% "It will take time to win. A strong economy means the Fed is taking little risk to maintain its policies. The risks to the Fed's mission to fight inflation are increasing. I expect inflation to be gradually reduced."
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