🔴🔴🔴Warning from Fed Chair Powell sends Bitcoin prices dropping towards $56,000🔴🔴🔴
🔴Jerome Powell, chair of the Federal Reserve, has warned of a "critical period" for the Fed and labeled the current levels of deficit as "unsustainable."
🔴According to the Financial Times, Powell stated at the European Central Bank's Portugal conference that "you can't run these levels in good economic times for very long" and that the Biden administration was taking excessive risks by "running an enormous deficit at a time when we are at full employment."
🔴The level of debt we have is completely sustainable but the path we are on is unsustainable.
🔴The United States' rapidly growing $34 trillion debt load prompted Treasury Secretary Janet Yellen to issue a dire warning in May, which some believe could help drive the price of bitcoin to $1 million within the next 18 months.
🔴In recent months, traders of bitcoin, cryptocurrencies, and stocks have been closely monitoring the Fed for indications that it will start reducing interest rates. As a result, analysts have been forced to lower their initial projections of seven rate cuts by 2024 to just one or two.
🔴Powell revealed that his primary concern during this critical period is achieving the right balance on monetary policy.
🔴The Federal Reserve signaled last month that it would only make one rate cut in 2024 and that further reductions would be made in 2025. The Fed is under pressure to lower interest rates after setting records for rate hikes in response to massive stimulus spending and money printing during the Covid era, which caused inflation to skyrocket.
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