Crypto News Update: FED Chair Jerome Powell Delivers Speech Post Interest Rate Decision
Following the FED’s decision to maintain interest rates, President Jerome Powell is currently addressing a crucial press conference.
After announcing the decision to keep interest rates stable, Jerome Powell commenced his significant press conference at 21:30 Turkey time (UTC+3).
Highlights from Powell’s speech include:
– Inflation has notably decreased but remains high.
– GDP growth is expected to slow down compared to last year.
– The FED maintains a restrictive policy stance.
– Employment growth remains strong but has slowed compared to the first quarter.
– Unemployment rates continue to remain low.
– Immigration rates have contributed to increased labor force participation.
– The economy has shown substantial progress.
– Risks in achieving the dual mission objectives are now more balanced.
– More positive data is needed to boost confidence in inflation.
– The FED remains vigilant against inflation risks.
– Forecasts are subject to change and are not set in stone.
– Interest rates will remain unchanged if the economy remains stable and inflation continues.
– The FED stands ready to respond if employment weakens unexpectedly.
– The labor market indicators suggest a tight market but not overheated.
– The FED is cautious in its inflation outlook.
– A better-than-expected inflation report was released today.
– The neutral interest rate question remains theoretical.
– The current policy is deemed restrictive.
– Interest rate cuts have been postponed due to slow progress in inflation.
– Import prices of goods have seen a surprising increase.
– Wages are still above sustainable levels.
– Wages need to decrease for overall inflation to return to 2%.
– Interest rate reduction forecasts have been revised downward.
– FED officials’ common forecast indicates a quarter-point cut by the end of 2024.
Stay updated with the latest news and analysis on cryptocurrencies by following our Telegram and Twitter accounts for exclusive insights and on-chain data.
