News

Powell Speech Today: Smaller Interest Rate Hikes In December, Crypto Price Up

U.S. Federal Reserve chairman Jerome Powell spoke at a Brookings event about the economic outlook, inflation, and the labor market.
Published by
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.

Also Read: Blackrock CEO Larry Fink Says FTX Failed Due To FTT Token

Advertisement

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.”

Advertisement

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.

Also Read: The impact of Blockfi’s Bankruptcy on The Top 10 Cryptocurrencies

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.

Advertisement
Share
Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Crypto Market Tumbles as Jerome Powell Says December Rate Cut ‘Far From Certain’

The crypto market turned sharply lower on Tuesday after Federal Reserve Chair Jerome Powell said…

October 30, 2025
  • News

FOMC Meeting: Federal Reserve Lowers Interest Rates by 25 Bps in Second Cut of the Year

The U.S. Federal Reserve has announced it has lowered the interest rate by another 25…

October 29, 2025
  • News

WLF Token Jumps 7% as Former Robinhood Counsel Joins Trump-Backed World Liberty Financial

World Liberty Financial (WLFI) has appointed Mack McCain as its new General Counsel. This marks…

October 29, 2025
  • News

Changpeng Zhao “CZ” Warns Investors “Don’t Buy” Golden Statue Meme Coin After 27,000% Surge

Binance founder Changpeng Zhao (CZ) has publicly distanced himself from a newly launched token inspired…

October 29, 2025
  • News

Markets Expect October Fed Rate Cut as Bitcoin Repeats Post-FOMC Pattern

Bitcoin traders are preparing for a rise or fall in the price of Bitcoin, as…

October 29, 2025
  • News

Trump Tariff: China Resumes U.S. Imports After Agreement With South Korea

Trump tariff tensions have begun to ease as China resumed purchasing U.S. agricultural products for…

October 29, 2025