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US Federal Reserve Chair Jerome Powell is set to deliver a speech today, October 19, 2023, at the Economic Club of New York, at a time when BTC price took an over 6% jump compared to a week ago, over rise in hopes of the U.S. Securities and Exchange Commission’s (SEC) approval of the first ever spot Bitcoin ETF.
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Powell Speech: What To Expect
In the previous Federal Open Market Committee (FOMC) meeting on September 21, the Fed Chair indicated possibility of another hike from the current interest rate of 5.25 to 5.50%. He said a majority of policymakers think it was more likely than not another rate hike will be appropriate. Hence, traders and investors would be keen to observe in today’s speech any hints on the potential rate hike in the November FOMC meeting.
Powell will deliver his remarks on the US economic outlook and monetary policy, in which investors expect clues on the path towards interest rate decision making in the upcoming FOMC meetings. Reuters reported that the US Fed officials along with Powell voice out an “agreement to hold interest rates unchanged” in his speech.
The Fed Chair’s comments are likely to lay a path forward for investor expectations, in terms of raising the rates or holding steady. This could also set the tone for a BTC price rally, potentially back to the recent high of $30,000, if Powell speech gives clear hopes of rate hike pause in the upcoming meeting.
Spot Bitcoin ETF: Approval Timeline
The recent frenzy around spot Bitcoin ETF approval in the United States could likely add a new direction to the way crypto markets are perceived in the mainstream public. Earlier, CoinGape reported a Bitcoin price jump as a result of $50 billion inflows following the approval of the spot ETF applications. It is also expected by ETF analysts that all the current spot ETF applications would be approved en masse by the US SEC.
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