Bitcoin Stays Below $27K as Federal Reserve Chair Voices Cautious Outlook

Federal Reserve Chair Jerome Powell has stated that the current economic conditions may not require as much interest rate hikes, according to a report by CoinDesk. The ongoing trade war and other global uncertainties have resulted in a tighter credit market, leading to a decrease in economic growth, hiring and inflation. Powell believes that the financial stability tools have been effective in alleviating the situation in the banking sector, but the current developments are creating an unfavorable situation for the overall economy. As a result, there may be a need to lower the expected number of interest rate hikes to achieve the central bank’s goals. Notably, Powell has also emphasized the importance of developing new technologies and innovative payment systems as part of the Federal Reserve’s mandate to ensure a safe and efficient financial system for all Americans.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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