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While Bitcoin (BTC) and cryptocurrency markets were waiting for the FED to start reducing interest rates to support the stagnant bull market, FED chairman Jerome Powell made important statements.
Speaking at the 2024 Central Bank ECB Forum held in Sintra, Portugal, hosted by the ECB and the Central Bank of Portugal, FED President Jerome Powell made the following statements:
“We've made a lot of progress on inflation.
We want to be more confident that inflation is moving towards 2%.
The downward trend in inflation is showing signs of resuming.
We continue to have solid growth and a strong labor market.
We need to be safer before reducing policy rates. We should see more data like we have seen recently.
If the labor market weakens unexpectedly, this will push us to react.
We are aware of the risk of reducing interest rates too early or too late.
The labor market is cooling.
“Inflation could return to 2% late next year or the year after.”
Bitcoin, which was at $62,700 before Powell's speech, rose above $63,000 during the speech. However, it fell back to $62,900.
*This is not investment advice.