Jerome Powell, US Fed Chair, Speech Today: Bitcoin Opportunity (BTC)
Powell Speech Today: Traders awaited the comments of US Fed Chair Jerome Powell later in the day, as stock futures and crypto prices remain at a standstill. The Fed Chair will speak at The Economic Club in Washington DC. Powell is expected to clarify the comments he made about inflation in his press conference following the FOMC meeting. The market rallied after Powell’s disinflation statement. However, the Fed could alter its stance towards tightening rate hike policy in the months ahead due to the strong jobs data report.
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The market’s reaction to Powell’s speech will depend on whether he stresses more on disinflation or warns about the need for tighter monetary policy. Analysts believe that Powell could issue a hawkish signal following the strong jobs report. The FOMC announced a 0.25% rate hike last week and the crypto market responded with a bullish response. The current situation is one of wait and see, as Bitcoin (BTC), price is not fluctuating on an hourly. The same holds true for stock futures. S&P 500 Futures are only 0.1% lower.
Neel Kashkari is the President of the Minneapolis Fed and believes that raising rates aggressively could help to control inflation in the current situation. He spoke to CNBC Tuesday and stated that raising rates can help reduce inflation. However, higher rate hikes may be an option. He stated that the central bank has yet to cool down inflation sufficiently to declare victory.
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The stagnant crypto price could indicate that traders are looking to acquire BTC at a lower price, if Powell is hawkish. According to CoinGape’s price tracker, BTC is currently at $23,016. This is up 0.71% over the past 24 hours.
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