Powell Speech Today: Traders are waiting for US Fed Chair Jerome Powell‘s comments later in the day as the stock futures and crypto prices remain on a standstill. The President of the Fed will speak at an event at the DC Economics Club, where Powell is supposed to clarify his inflationary comments at his post-meeting press conference. Subsequently, markets recovered as a result of Powell's declaration on disinflation. However, the robust employment data report may change the Fed's stance on tightening interest rate policy over the coming months.
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Bullish Or Bearish?
The market reaction to Powell’s speech would depend on whether he will stress more on the disinflation hopes or pose a warning about the need to further tighten the monetary policy. Analysts believe there is a strong chance that Powell will send a strong signal following a robust employment report. Last week, the FOMC announced a 0.25% interest rate hike and in response, the crypto market gave a bullish reaction. In the current scenario, merchants seem to be in standby mode and look like bitcoin (btc) price is barely fluctuating on an hourly basis. So it is for future actions, like S.
During this time, Neel Kashkari, Chairman of the Minneapolis Fed, believes that rising rates could control inflation in the current scenario. Speaking on Tuesday, he said that rising rates can curb inflation, saying rising rates could provide a solution. He said that the central bank is still sufficient to cool inflation to declare victory.
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In the meantime, the status quo in crypto prices could mean that traders are looking for a chance to earn BTC at a lower price if Powell Sound Hawkish. As of writing, BTC price stands at $23,016 up 0.71% in the last 24 hours, according to CoinGape price tracker
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