FED Chairman Jerome Powell Started His Speech in the US House of Representatives! Here are the Highlights and Bitcoin’s Reaction!

FED Chairman Jerome Powell began his speech at the US House of Representatives Financial Services Committee.

The highlights of Powell’s speech are as follows:

“Inflation has fallen, although it is still above 2%. However, we do not think it is appropriate to reduce the policy rate until there is greater confidence that inflation will move sustainably towards 2%.

We will carefully evaluate the incoming data, the evolving outlook and the risk balance. However, it is likely that rates will be lowered at some point this year.

Interest rates are at their peak in the current cycle.

The economic outlook remains uncertain.

“Rapidly reducing interest rates may pose some risks.”

Bitcoin’s price action during Powell’s speech:

*This is not investment advice.

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