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While policymakers largely believe that interest rates will fall later this year, he stated that this will only happen when they"have greater confidence that inflation is moving sustainably down" to the Fed's 2% target. The Fed chairman's recent remarks made no new policy points. As previously reported, Powell stated in a press conference at the Fed's most recent policy meeting in March that the baseline outlook is for rates to fall"later this year," and that recent data did not"materially change the overall picture, which continues to be one of solid growth."
In his latest speech, Fed Chairman Powell said recent readings on both job gains and inflation have come in higher than expected. He said interest rate cuts will happen only when they"have greater confidence that inflation is moving sustainably down" to the Fed's 2% target.
Bitcoin has fallen almost 8.26% since reaching a high of $73,798 in mid-March. Recent data showed that U.S. manufacturing surprisingly expanded for the first time since September 2022, and input costs rose.At the time of writing, BTC was up 1.62% in the last 24 hours to $67,618 after reaching intraday highs of $68,027. Tomiwabold is a cryptocurrency analyst and an experienced technical analyst.
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