Bitcoin price is trading at $57,180 at the time of writing. Fed Chairman Jerome Powell makes important statements. Powell's statements this week offer critical clues about inflation and interest rate cuts. This may cause significant fluctuations in the cryptocurrency market.
While making comments about the 6-month monetary policy, Powell emphasized that interest rate cuts depend on the sustainability of the decline in inflation. He stated that more reliable data is needed for inflation to move towards the 2% target. He also stated that inflation is not the only risk.
Powell stated that hasty reductions in interest rates could negatively affect the economy and the employment market. He said cutting too soon or too much risks reversing progress in inflation. He added that the restrictive policy puts downward pressure on inflation. He emphasized that the US economy is expanding at a solid pace and labor market conditions remain strong.
Important points that can be drawn from Powell's statements are as follows:
The Fed won't cut rates until it gains more confidence that inflation is sustainably moving toward 2%.
First quarter data did not support confidence in the inflation path required for the Fed to cut interest rates.
Hasty steps in interest policies may negatively affect the economy and labor market.
If the inflation data to be announced this week comes in line with expectations, it may increase general macroeconomic optimism. This situation may cause increases in the cryptocurrency market, especially Bitcoin. Powell's statements and upcoming data should be followed closely.
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I EXPLAIN IN DETAIL.
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