Powell Speech Today: Smaller Interest Rate Hikes In December, Crypto Price Up
Fed Chair Jerome Powell Speech Today: Fed Chair Jerome Powell said smaller interest rate hikes could start in December. U.S. Federal Reserve chairman Jerome Powell spoke on the economic outlook, inflation, and the labor market, at a Brookings event on Wednesday. In his initial remarks, Powell acknowledged that the inflation remained high. The truth is that the path ahead for inflation remains highly uncertain, he said.
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Long Way For Restoring Price Stability
Powell further said it would take substantially more evidence to give comfort that inflation is actually declining. He added that there is a long way to go in restoring price stability. Despite the tighter policy and slower growth over the past year, Powell said, there are still no signs of lowering inflation. “We have not seen clear progress on slowing inflation, he said during the event. Powell said the full effects of our rate increases have been yet to be felt.
“History cautions against prematurely loosening policy. We will stay the course until the job is done. Inflation remains far too high. The time for moderating hike pace may come as soon as December.”
Crypto Prices In Green
The Fed chair also stressed on the need for raising interest rates to levels to bring inflation to 2%. Meanwhile, the cryptocurrency prices rose in response to Powell’s comments. In the last one hour, Bitcoin (BTC) price rose 0.71% while that of Ethereum (ETH) rose 0.84%, according to price tracking platform CoinMarketCap. As of writing, Bitcoin (BTC) price stands at $16,902, up 3.03% in the last 24 hours.
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Overall, the cryptocurrency market turned green following Powell’s opening remarks. Meanwhile, the NASDAQ Composite Index rose 2.40% during the day, in response to the Federal Reserve chair’s comments.
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