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🇺🇸 Federal Reserve leaves interest rates unchanged again.

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Economist Evaluated the Speech of FED Chairman Jerome Powell, Which Caused a Bounce in Bitcoin – What Does It Mean?
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Fed Chairman Jerome Powell gave the clearest sign yet that quantitative easing is imminent by saying it’s time to cut interest rates.

The timing and magnitude of these reductions will depend on careful assessment of risks to the U.S. economy, Powell said.

“We do not want or welcome further cooling in labor market conditions,” Powell said in his speech, indicating that the central bank is increasingly cautious about tightening policy further given the potential impact on employment.

The Fed’s primary goal remains to bring inflation back to its 2% target, but the resilience of the labor market has made the path to price stability more complicated.

Market reactions were swift. Mesirow CEO Uto Shinohara said Powell’s comments largely confirmed market expectations for a September rate cut.

Investors are currently pricing in a cut of around 30 basis points, with expectations for a total annual cut rising from 95 to 100 basis points.

Shinohara added that future rate movements will continue to be heavily influenced by upcoming employment data, which could further impact the US dollar.

Powell’s growing confidence that inflation will slow signals a shift in focus at the Fed. While the Fed has been concerned about inflationary pressures for months, Powell has acknowledged that the labor market now poses a more significant risk.

The unemployment rate has been rising gradually and economists have warned that an overly tight labor market could destabilize broader economic conditions.

As the September Fed meeting approaches, the market will continue to scrutinize economic data to gauge the Fed’s next steps.

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The Fed Under Fire: Elizabeth Warren Pushes for Unprecedented Rate Cut
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As the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) gears up for its meeting on Sept.

18, anticipation is building for a rate cut. Market participants are placing their bets, with expectations leaning toward either a 25 basis points (bps) reduction or a 50bps cut.

However, Massachusetts Senator Elizabeth Warren is urging the Fed to go further, advocating for a more substantial 75bps cut next month.

On Aug. 26, Democratic Massachusetts Senator Elizabeth Warren took to X to demand that the U.S.

central bank cut the interest rate by 75bps. “It’s time for a big cut in interest rates by the Fed — at least 75 basis points,” Warren argued. “Chair Powell already admitted he’s waited too long. Delay puts too many jobs at risk and threatens our entire economy,” she added.

Presently, the chances of the Fed cutting the rate by 75 basis points seems extremely low and the market is betting on either a 25 to 50bps cut. 

CME’s Fedwatch tool gives a 25bps cut a 69.5% chance and the odds of a reduction two times that size is 30.5%. Polymarket bettors are not factoring in a 75bps cut at all either.

Warren also shared her view on the Fed and Chair Jerome Powell in an interview with Punchbowl News.

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Powell confirms September rate cut, stocks and cryptos rally
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Federal Reserve Chair Jerome Powell on Friday clearly signaled that the central bank will cut interest rates at its next policy-setting meeting in September. 

He did not indicate as to the size of the cut, but he assured markets that the Fed is committed to preventing additional weakening in the labor market. 

“The time has come for policy to adjust,” Powell said during a keynote address at the Kansas City Fed’s annual conference in Jackson Hole.

“The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”

Equities immediately reacted well to Powell’s comments, which were largely anticipated.

The Dow Jones Industrial Average gained as much as 1% in the half hour after Powell took the podium, while the S&P 500 and Nasdaq Composite indexes gained 0.7% and 0.9%, respectively.
 
Bitcoin (BTC) and ether (ETH) were also in the green following the speech. Bitcoin rallied as much as 2.2% before 11 am ET before paring gains, according to data from Coinbase.

The largest cryptocurrency was trading around $61,000, up 0.5% over 24 hours, at time of publication. Ether was trading 1.8% higher over the past 24 hours at time of publication, per Coinbase. 

Powell’s remarks come days after new revisions data from the Bureau of Labor Statistics suggests that the economy added 818,000 fewer jobs in the 12 months ended March 2024 than were initially reported. 

Powell on Friday reiterated that central bankers “do not seek or welcome further cooling in labor market conditions,” and will therefore act accordingly by lowering interest rates in September.

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