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Highlights
- Bitcoin held above the $104,000 level following Powell's speech and is looking to rally to $105,000.
- The flagship crypto had dropped to as low as $103,700 earlier in the day.
- This was Powell's first speech since he met with President Donald Trump.
Bitcoin has reacted positively to FED Chair Jerome Powell’s first speech since meeting with US President Donald Trump. This came despite Powell’s failure to comment on the US economic outlook amid so much market uncertainty due to Trump tariffs.
Bitcoin Climbs Amid Powell’s Refusal To Comment On Economy
CoinMarketCap data shows that the Bitcoin price is climbing as Powell failed to comment on the economy during his speech at the Federal Reserve Board’s International Finance Division Anniversary Conference.
The flagship crypto held above the $104,000 level following the speech and is now looking to rally to the $105,000 level. Bitcoin had dropped to as low as $103,700 earlier in the day as traders held their nerves ahead of Powell’s speech.
His speech comes following his first meeting with US President Donald Trump since the beginning of this administration earlier this year. The Federal Reserve revealed that Powell and Trump didn’t discuss the Fed’s expectations for monetary policy. However, the White House mentioned that the president told Powell he was making a mistake by not cutting interest rates.
CME FedWatch data shows that there is a 95.3% chance that Powell and the Fed will hold rates steady between 4.25% and 4.5% at the June FOMC meeting, holding on June 17 and 18. Meanwhile, traders bet that there will be three rate cuts this year, which will come in September, October, and December.
Meanwhile, Polymarket traders are betting more in favor of just one or two rate cuts this year, although most traders still believe there won’t be a rate cut this year. Data from the prediction platform shows that there is a 28% chance of zero rate cuts in 2025.
Meanwhile, Chicago Federal Reserve President Austan Goolsbee believes that Fed rate cuts could happen if Trump tariffs end through a trade deal or otherwise. Until then, he hinted that it will likely be a waiting game from the Fed to see how things play out.
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