The Federal Reserve’s Jerome Powell began his speech amid rising scrutiny regarding interest rates, particularly following pressure from President Donald Trump, who had persistently urged the Fed to lower rates. Powell’s remarks focused on the current economic strength and inflation trends:

“The economy is strong; inflation has moved closer to our 2% goal but remains somewhat elevated,” explained Powell during the FOMC Press Conference in Washington.
This speech led to a 1.2% decline in Bitcoin and a total crypto market cap down by 2.6%.

Federal Reserve Jerome Powell Speech

The FOMC decided to maintain the federal funds rate between 4.25% and 4.5%, halting any rate cuts. Powell emphasized a careful approach:

“With the economy remaining strong, we do not need to be in a hurry to adjust our policy stance.”

Inflation Remains a Concern At FOMC Meeting

Powell, when questioned about Trump’s influence, stated,

“I have no comment on what the president said. I’ve had no contact [with the president].”

Despite pressure from Trump, Powell’s focus remains on data-driven decision-making, balancing economic growth while managing inflation concerns, leading to a wait-and-see strategy regarding interest rates.