As we enter 2023, the Fed decided to increase interest rates by 25 basis points at its first meeting.
In the past 2022, the Fed did not break its hawkish stance on interest rates and inflation, and took much harsher interventions.
Powell Makes Statements After Fed Rate Decisions
Fed chairman Jerome Powell made statements after the first meeting of 2023. During Powell’s statements and the announcement of the interest rate decision, there was also volatility in cryptocurrencies.
The main topics of Fed Chairman Powell’s speech were towards the two percent target in inflation and the continuation of interest rate hikes.
Powell’s statements were as follows:
“We are determined to reduce inflation to 2 percent. We still have a long way to go. We find it appropriate to have more interest rate hikes. The US economy has slowed significantly in the coming year.”
Additionally, Powell said in his statement:
“Inflation continues to hover well above the target. Inflation has slowed in the last three months, which is a welcome change. We will need significantly more evidence to be sure that inflation is on a downward trend.”
Of course, the Fed’s statements and the upcoming Bitcoin have the potential to guide the course of the whole crypto money world, especially Bitcoin.
