Fed Chair Jerome Powell's Recent Remarks Cast Doubt on Upcoming Rate Cuts
Comments from Federal Reserve Chair Jerome Powell suggest a cautious approach to interest rate changes, unsettling the crypto market's expectations.
The crypto market experienced a slight downturn following Federal Reserve Chair Jerome Powell's remarks during a conference in Dallas.
"The economy is not sending any signals that we need to be in a hurry to lower rates," Powell stated. Read more here.
Translation: "L'économie n'envoie aucun signal indiquant que nous devons nous dépêcher de réduire les taux."
Bitcoin's price dropped approximately 1.5% to $88,300 just after his comments, with further decline noted at $88,000. Ether saw a similar decrease.
The broader CoinDesk 20 Index, however, recorded a 0.5% increase mainly due to Ripple's XRP achieving a 13% rise, potentially influenced by SEC Chair Gary Gensler's comments hinting at his possible departure.
Prior to Powell's comments, there was a 62% expectation for a Fed rate cut in December, down from a previous 83% prediction, signaling uncertainty in market confidence.
Despite a slight retreat, crypto assets are experiencing significant gains this week, with Bitcoin showing a 15% increase and various altcoins up by 20% to 40%.
