Federal Reserve Chairman Jerome Powell said on his second day of congressional testimony that recent data showed "moderate further progress" on inflation. The statement was interpreted positively by the stock market, however, major cryptocurrencies failed to be affected by the central banker's dovish remarks.

After Ball issued a statement on Capitol Hill, the major U.S. stock market indexes rose across the board on Wednesday (10th). The S&P 500 index rose 1.02% to close at 5633.91 points, and the Nasdaq index rose 1.18% to close at 18647.45 points, both of which A record high. Bitcoin (BTC) remained stuck in a range of $57,000 to $58,500 in the last 12 hours, unaffected by stock market risk sentiment.

"More good data will increase our confidence that inflation is moving sustainably toward our 2% goal," Ball added. He said the Fed was seeking to continue to push rates before changing current rates. positive trend.

Ball said recent monthly data showed modest further progress in inflation, noting that longer-term inflation expectations remain "well anchored" and citing broad surveys of households, businesses and economic forecasters as well as Financial market measures.

"Restrictive monetary policy is helping to balance supply and demand and put downward pressure on inflation," Ball explained. He stressed that until there is greater confidence that inflation is moving sustainably towards the 2% target, he stressed that Will the Federal Reserve consider lowering the target range for the federal funds rate?

Rates traders see a 71.8% chance of a rate cut in September, according to CME's FedWatch tool. The U.S. Bureau of Labor Statistics will release the June Consumer Price Index (CPI) at 8:30 pm Taiwan time on the 11th.

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