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**Search Crypto News Bitcoin**
**JUST IN: FED President Jerome Powell Addresses Public! Here are the Key Highlights and Bitcoin’s Response**
FED chairman delivers live broadcast remarks.
**Author:** Elif Azra Güven
**Date:** 02.07.2024 – 13:47
**Updated:** 50 minutes ago
During the awaited Federal Reserve deliberations on lowering interest rates to bolster the sluggish bull market, FED President Jerome Powell made crucial declarations.
Speaking at the 2024 Central Bank ECB Forum in Sintra, Portugal, hosted by the ECB and the Central Bank of Portugal, Powell emphasized:
“We have made significant strides in managing inflation.
Our goal is to attain greater certainty in moving inflation towards 2%.
There are indications that the downward trend in inflation may resume.
Economic growth remains robust, alongside a sturdy labor market.
We must exercise caution before adjusting policy rates further; additional data, akin to recent trends, is imperative.
Any unforeseen weakening in the labor market would necessitate a responsive approach.
We are mindful of the risks associated with premature or delayed interest rate cuts.
The labor market shows signs of cooling.
Inflation may reach 2% by late next year or the following.
Our policy stance remains restrictive and appropriate.
However, further evidence of declining inflation is essential before contemplating rate reductions.”
Bitcoin, trading at $62,700 prior to Powell’s speech, briefly surged above $63,000 during his address before settling back at $62,900.
*This article does not constitute investment advice.*
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