Powell stated that they do not expect to reach the 2% inflation target. He will continue to serve as Fed Chairman until May 2026. Powell gave discount signals, emphasizing that the weakening of the labor market may require a rapid response. In the cryptocurrency market, Bitcoin has turned upward and investors want to see continued closes at higher levels. This could help offset excessive selling losses in altcoins. While the article was being prepared, Powell's statements continued; This situation led to activity in inflation and interest-oriented markets.
Why Is Bitcoin Rising?
While rumors are rising that the Fed may make a surprise interest rate cut at its meeting at the end of this month, the latest inflation data was positive. Although PCE data was good, PPI increased by 0.5%. Powell has strengthened his hand on the reduction due to the easing in employment and low inflation data in recent months. In his last statements, he said, “The economy has performed quite well in the last few years. A slowdown and weakening of inflation was expected this year, and a similar situation is happening. The progress of inflation in the second quarter is positive. Now that inflation has subsided, we will review both tasks. If there is an unexpected weakening in the labor market, this will require us to respond quickly. If the Fed waits to cut rates before inflation reaches 2%, it will be waiting too long. In the early periods, inflation was demand-driven and initially appeared to be temporary; The Fed failed to predict how quickly the economy would return to normal. “I always thought there was a way to reduce inflation without the labor market stresses seen in past tightening cycles.” he said.
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So who will benefit?
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I EXPLAIN IN DETAIL.
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