The Federal Reserve announced its decision to maintain interest rates at the current range of 5.25 to 5.50%, marking the highest level in 22 years since July. This announcement came just before Fed Chair Jerome Powell’s first statement of the year, aligning with investor expectations and FedWatch’s projections for potential rate cuts beginning in March 2024.
Jerome Powell outlined the economic progress and inflation dynamics influencing the Federal Reserve’s policy stance in his address. He highlighted the slowing housing sector, a tight labor market, and the policy interest rate’s approach to a restrictive zone. Powell’s speech emphasized the balance between preventing premature easing of policy restrictions and the timing for reducing rates to support economic stability.
Decisions of the US Federal Reserve are important for the cryptocurrency sector due to the speeches by Jay Powell. Although interest rates have remained stable since mid-2023, rumors leave behind a positive mindset within the crypto market. However, Bitcoin has been observable for its durability and the tendency of its price to react to decisions made by the Federal Reserve and macroeconomic indicators.
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