US Fed Chair Jerome Powell Speech Today: Buy Opportunity For Bitcoin (BTC)?
Powell Speech Today: Traders are waiting for US Fed Chair Jerome Powell‘s comments later in the day as the stock futures and crypto prices remain on a standstill. The Fed Chair will be speaking at an event at The Economic Club of Washington DC, where Powell is expected to clarify his comments on inflation in his press conference after the FOMC meet. Following this, the markets rallied thanks to Powell’s statement on disinflation. The robust jobs data report, however, could change the Fed’s attitude towards rate hike policy tightening in the months ahead.
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Bullish Or Bearish?
The market reaction to Powell’s speech would depend on whether he will stress more on the disinflation hopes or pose a warning about the need to further tighten the monetary policy. Analysts feel there is likelihood of Powell giving out a hawkish signal in the wake of the strong jobs report. Last week, the FOMC announced a 0.25% interest rate hike and in response, the crypto market gave a bullish reaction. In the current scenario, traders appear to be on wait and watch mode as Bitcoin (BTC) price is hardly fluctuating on an hourly basis. Same is the case with the stock futures, as S&P 500 Futures are down by just 0.1%.
Meanwhile, Neel Kashkari, President of the Minneapolis Fed, feels raising rates aggressively could control inflation in the current scenario. Speaking to CNBC on Tuesday, he said raising rates can put a lid on inflation, indicating that higher rate hikes could offer solution. He said the central bank is yet to cool inflation enough to declare victory.
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Meanwhile, the standstill in crypto prices could mean traders are looking for a chance to accumulate BTC at cheaper price if Powell sound hawkish. As of writing, BTC price stands at $23,016 up 0.71% in the last 24 hours, according to CoinGape price tracker.
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