Breaking News: Powell Speaks, Bitcoin Hits **Breaking News: Powell Speaks, Bitcoin Hits $63,600**

The king of cryptocurrencies has reversed its direction to the upside, and investors are eager for continued higher closes. Excessive sales losses in altcoins might now be compensated. Powell's statements, focusing on inflation and interest rates, have stirred the markets.

Latest inflation data came in positive, fueling speculation that the Fed might make a surprise rate cut at its meeting at the end of this month. While PCE data was favorable, there was a 0.5% increase in PPI. Powell's hand is now stronger for potential rate cuts due to slackening employment and lower inflation data in recent months.

In his latest remarks, Powell stated:

"The economy has performed quite well in the last few years. It was expected that the economy would slow down and inflation would weaken this year, and that is happening. The second quarter of inflation represents progress with three good values. Now that inflation has subsided, we will review both tasks. If we see an unexpected weakening in the labor market, this will require us to react. If the Fed waits for inflation to reach 2% to cut, it will be waiting too long. Initially, inflation was driven by the demand for goods and appeared temporary; the Fed could not accurately predict the economy's return to normal, and we remained more cautious. I've always thought there was a way to reduce inflation without the kind of labor market stress typical of past tightening cycles."

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