Us Fed Chair Jerome Powell: Reaching Inflation Target To Drag Into 2024

Jerome Powell Speech: US Federal Reserve Chairman Jerome Powell said the FOMC wanted to send the disinflation stage message, although the process is in the early stages. He added that the Fed is contemplating increasing rates to contain inflation. Whether he would have raised 25 basic points if they were aware of the employment numbers in the report, He stated that the Federal Reserve's position was that rate increases were adequate. Mr. Powell stated that the objective of reducing inflation to 2% will remain, and that inflation could fall substantially in 2023.

According to him, the process could be very time-consuming. He added that the Federal Reserve would definitely increase rates further if the data continue to be more robust than anticipated. Markets respond positively to feedback from the Fed President, with s. Whereas the Bitcoin price is up by 0.50% in an immediate reaction.

The cryptography market responded positively with a rally to the remarks of the Federal Presidency. As of writing Bitcoin (BTC) price stands at $23,284, up by 1% in the last one hour, according to CoinGape price tracker

Market Anticipation

Jerome Powell spoke in an interview with Carlyle Group co-founder David Rubenstein at the Economic Club of Washington DC on Tuesday. Against the backdrop of the Federal Reserve's recent decisions on rising interest rates and its objective of controlling inflation, Powell's comments have been carefully considered by the market. Traders were expecting more than just the Fed's outlook for the coming months, they also weighed on the unprecedented growth in the labour market as reported by the US labour statistics office last week.

With a 517,000 increase in non-agricultural employment in January, the unemployment rate in the United States was at its lowest level, at 3.40 per cent. It's actually the lowest unemployment rate in Canada in about 54 years. At his press conference on February 1, the president of the Fed stated that the committee had made a commitment to reduce inflation to the 2% target.

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In preparing for Powell's discourse today, the crypto market has shown few signs of volatility that the Bitcoin (BTC) price has remained largely unchanged in the past 24 hours. For most of Tuesday, the price of the secured credit continued to fluctuate around the $22,950 level in anticipation of feedback from the Fed President.