Fed Chair Jerome Powell Emphasizes Need for More Data and Discussion Before Cutting Rates, Impact on Cryptocurrency Markets
Federal Reserve Chairman Jerome Powell emphasized at an event on Wednesday that more data and discussion are needed before interest rates can be cut, something financial markets expect to happen in June. He said recent job growth and inflation data have exceeded expectations. While policymakers generally believe rates will fall later this year, he said that will only happen if they have "greater confidence that inflation can fall sustainably to the Fed's 2% target." However, Powell did not indicate when the Fed might loosen its grip on credit, and upcoming employment data, particularly the March nonfarm payrolls report scheduled for Friday, as well as next week's inflation readings, will play a key role in defining forecasts for the Fed's April 30-May 1 and June 11-12 policy meetings. Current views on the Fed are impacting the cryptocurrency market, which has sold off since the beginning of the week. The strengthening of the U.S. dollar as continued U.S. price pressures have prompted investors to reduce their bets on a Fed rate cut has provided a more difficult backdrop for speculative sectors of the global market, such as the cryptocurrency industry.
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