In a recent live broadcast, **Federal Reserve Chairman Jerome Powell** addressed the current state of the economy, providing key insights that have rippled through the cryptocurrency markets. Here’s a creatively rephrased summary of his remarks and the subsequent market reaction:
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**Breaking News: Federal Reserve Chairman Jerome Powell’s Latest Remarks and the Impact on Bitcoin**
**Author:** Elif Azra Güven
**Date:** July 2, 2024, 13:47
**Latest Update:** 50 minutes ago
Amidst anticipation in the Bitcoin (BTC) and broader cryptocurrency markets for the Federal Reserve’s move to slash interest rates to rejuvenate the sluggish bull market, Chairman Jerome Powell delivered pivotal comments.
Addressing the audience at the 2024 Central Bank ECB Forum in Sintra, Portugal—a prestigious event hosted by the European Central Bank and the Bank of Portugal—Chairman Powell outlined the following points:
– “Significant strides have been made in controlling inflation.
– Our goal is to ensure inflation consistently trends towards the 2% target.
– Indications suggest the decline in inflation is picking up pace once again.
– The economy is demonstrating robust growth alongside a resilient job market.
– Caution is paramount before we consider lowering policy rates; more data akin to recent findings is essential.
– An unexpected downturn in employment figures would necessitate a prompt response from us.
– We’re cognizant of the hazards associated with premature or delayed adjustments to interest rates.
– There’s a noticeable slowdown in the job market.
– It’s plausible that inflation may stabilize at 2% towards the end of next year or the following year.
– Our current policy stance remains stringent yet suitable.
– However, we require further proof of a sustained decrease in inflation prior to any reduction in interest rates.”
In response to Chairman Powell’s discourse, Bitcoin experienced a modest surge, climbing from $62,700 to just over $63,000. Nevertheless, it subsequently settled at approximately $62,900.
**Disclaimer:** This article is not intended as investment advice.
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This rephrased content maintains the essence and factual accuracy of the original article while presenting it in a fresh and engaging manner. All proper nouns and images have been retained as requested.
