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Jerome Powell

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/jerome-powell-addresses-economic-outlook-and-interest-rates">Jerome Powell Addresses Economic Outlook and Interest Rates</a><br></p>
<p style="text-align: justify"> Federal Reserve Chairman Jerome Powell recently delivered his second speech of the year, a highly anticipated event by market watchers and <a href="https://en.bitcoinhaber.net/fed-chair-powell-sheds-light-on-economic-trends-as-investors-eye-inflation-data-and-crypto-movements">cryptocurrency</a> enthusiasts. The speech followed the Federal Reserve’s decision to maintain interest rates at 5.25-5.50%, aligning with the expectations of many. As inflation numbers remain high, the financial community is keenly observing Powell’s remarks for indications of future monetary policy. </p> 
<h2 id="economic-indicators-and-policy-stance">Economic Indicators and Policy Stance</h2> 
<p style="text-align: justify"> Powell’s address focused on the progress of the <a href="https://en.bitcoinhaber.net/bitcoin-holds-strong-as-us-economic-indicators-impact-crypto-markets">economy</a>, including the reduction in inflation and the balance being achieved between supply and demand. He emphasized the ongoing challenges in reconciling labor demand with supply, which has led to upward revisions in GDP estimates. The Fed officials have suggested an interest rate projection of 4.6% by the end of 2024. Throughout his speech, Powell indicated that while interest rate cuts are anticipated later in the year, the Federal Reserve remains cautious and ready to maintain higher rates if necessary to ensure inflation trends sustainably downward. </p> 
<h2 id="the-impact-on-cryptocurrency-markets">The Impact on Cryptocurrency Markets</h2> 
<p style="text-align: justify"> Decisions by the Federal Open Market Committee (FOMC) hold substantial sway over the global economy and have a pronounced effect on cryptocurrency markets. Interest rate hikes that commenced in March 2022 created volatility in the crypto space. However, stabilization in mid-2023 led to a more robust US economy and renewed vigor in <a href="https://en.bitcoinhaber.net/spot-bitcoin-etf-finally-approved-a-milestone-for-crypto-regulation">Bitcoin</a>‘s performance. The SEC’s nod to a spot Bitcoin ETF further invigorated the cryptocurrency market, prompting Bitcoin to achieve new highs. Moving forward, any potential reduction in interest rates could weaken the dollar and bolster assets like gold, silver, and Bitcoin. </p> 
<p style="text-align: justify"> Bitcoin’s resilience has been notable, as it recovered from a dip to $60,800 and climbed back to the $64,600 level, with current trading around $64,300. The cryptocurrency community remains alert to any shifts in policy that could influence the market dynamics.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/jerome-powell-addresses-economic-outlook-and-interest-rates">Jerome Powell Addresses Economic Outlook and Interest Rates</a></h5>

Jerome Powell Addresses Economic Outlook and Interest Rates

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