NewsletterUS Fed Chair Jerome Powell Upcoming Speech: When & What To Expect
Jerome Powell Speech: Ahead of Powell speech today, the markets have been at standstill in pre-market hours. Likewise, the crypto prices are fluctuating at very low range in the lead up to the Fed Chair speech. This could be because of caution from traders to safeguard assets from the risk due to volatility after Powell’s comments. In the backdrop of a robust US labor market statistics released last week, US Fed Chair Jerome Powell will be speaking at an event on Tuesday.
Both the equities and crypto markets rallied after the Federal Reserve delivered a 25 bps rate hike, which was on expected lines. However, the latest jobs data could significantly affect the central bank’s upcoming decisions with respect to controlling inflation. The report essentially meant that the unemployment in the US is at its lowest level in 54 years.
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As per the data released by the Bureau of Labor Statistics, the US added as many as 517,000 jobs for the month of January. The number came out to be way higher than the market expectations. The job additions were improved significantly in comparison with December, which reported an addition of 223,000 jobs.
Jerome Powell Speech: Event Details
Amid rising concerns about the impact of jobs data on the future interest rate decisions, Jerome Powell is scheduled to speak at an event organized by The Economic Club of Washington DC. David Rubenstein, the co-founder and co-chairman of Carlyle, will interview Powell at the event. Interestingly, Rubenstein had in his recent comments expressed in his confidence on the potential of crypto industry. Stating that he was bullish on crypto, he added that some blockchain companies would go on to be successful in future. Here are the Jerome Powell speech details:
“Rubenstein will interview Powell on February 7, 2023. The reception will begin at 11:00 a.m. followed by the program at 12:00 p.m. ET”
Following the jobs data release, the U.S. Dollar Index (DXY) took a sharp hike by 0.50%, whereas Bitcoin (BTC) price took a hit. As of writing, BTC price stands at $22,852, down 1.47% in the last 24 hours, according to CoinGape price tracker.
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