According to U.Today, recent comments by Federal Reserve Chairman Jerome Powell have attracted attention in the cryptocurrency market. He said that the U.S. economy has not yet seen inflation return to the central bank's target, which means that interest rate cuts are unlikely to happen in the short term.
Powell told a central bank forum that recent data did not give us greater confidence, but rather suggested that it might take longer than expected to reach that confidence. He also said that unless inflation shows progress, the current level of restrictions may remain in place for as long as needed.
Powell's comments marked a shift in his stance, coming after key inflation measures exceeded forecasts for three consecutive months. The Fed has maintained its benchmark interest rate target range of 5.25%-5.5% since July 2023, the highest level in 23 years. This is the result of 11 consecutive rate hikes that began in March 2022.
Bitcoin prices fluctuated during Wednesday’s trading, fluctuating between $61,906 and $64,524 before settling around $62,000.