The famous name that manages the American economy and directs monetary policy has just spoken. I have compiled these statements, which are also of great interest to cryptocurrencies, for you. Here are the details;
Fed Chairman Jerome Powell made important statements today:
It is time for the Fed to adjust monetary policy (lower interest rates)
The Fed will do everything possible to support a strong labor market
The timing and pace of interest rate cuts depend on macroeconomic data and risk balance
Inflation is moving steadily toward the 2% target
Significant progress has been made in achieving price stability without a sharp increase in unemployment
Risks to the Fed's dual mandate have changed; inflation risks are decreasing, lower employment risk is increasing
Fed does not want or welcome further cooling in labor market conditions
Economy continues to grow at a steady pace
Markets expect Fed to cut interest rates by 100 basis points by the end of 2024, which will cause BTC to rise to $62,000 and USD index to fall by 1%.
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