Crypto Slides Amid Stagflation Concerns & Gloomy Economic Data
The cryptocurrency market has retreated under the shadow of renewed concerns about US stagflation.
Federal Reserve chair Jerome Powell left the benchmark federal interest rate at between 5.25% and 5.5% at the latest FOMC meeting Wednesday, citing sticky inflationary pressures and a lack of recent progress toward their 2% inflation target. However, Powell downplayed the idea of needing additional rate hikes.
“It’s unlikely that our next policy move would be a rate hike,” Powell said.
Economic data revealed a slowdown in US GDP growth to 1.6% this quarter and a 3.4% increase in the PCE index – the Federal Reserve’s preferred inflation metric. However, Powell also downplayed the notion that stagflation had arrived.
“I don’t really understand where that’s coming from,” Powell said. “I don’t see the stag or the flation.”
After BTC had reached an almost two-month low at roughly $57,000 on Wednesday, the price rallied to $59,269.80 as of press time Thursday.
➗Topic of the Week: How do Interest Rates Work?
➡️ Read more here
Federal Reserve chair Jerome Powell left the benchmark federal interest rate at between 5.25% and 5.5% at the latest FOMC meeting Wednesday, citing sticky inflationary pressures and a lack of recent progress toward their 2% inflation target. However, Powell downplayed the idea of needing additional rate hikes.
“It’s unlikely that our next policy move would be a rate hike,” Powell said.
Economic data revealed a slowdown in US GDP growth to 1.6% this quarter and a 3.4% increase in the PCE index – the Federal Reserve’s preferred inflation metric. However, Powell also downplayed the notion that stagflation had arrived.
“I don’t really understand where that’s coming from,” Powell said. “I don’t see the stag or the flation.”
After BTC had reached an almost two-month low at roughly $57,000 on Wednesday, the price rallied to $59,269.80 as of press time Thursday.
➗Topic of the Week: How do Interest Rates Work?
➡️ Read more here
免責事項
これらの情報および投稿は、TradingViewが提供または保証する金融、投資、取引、またはその他の種類のアドバイスや推奨を意図したものではなく、またそのようなものでもありません。詳しくは利用規約をご覧ください。