Federal Reserve Chair Jerome Powell’s commentary during the May 3, 2023, Federal Open Markets Committee (FOMC) press conference seems to have bolstered Bitcoin’s price with the cryptocurrency moving up over 2% after his comments to now trade at $29,000.
The conference provided a platform for Powell to address various topics, including recent developments within the United States banking sector, the Federal Reserve’s dual mandate, and the current state of the U.S. economy.
Powell underscored the Federal Reserve’s devotion to fostering maximum employment and maintaining stable prices while expressing concern over the difficulties high inflation presents.
The Chair of the Federal Reserve assured the public of the Fed’s commitment to restoring inflation to the 2% goal, emphasizing the significance of price stability for both the economy and the labor market.
The FOMC elected to raise its policy interest rate by a quarter percentage point, resulting in a total increase of five percentage points since early 2022. The Fed plans to keep reducing its securities holdings while adopting a data-driven approach to guide future policy.
Powell concluded his comments by reiterating the Fed’s commitment to achieving its goals and adapting to incoming data and economic developments, at a time in which the US economy experienced a slowdown with rising inflation and a tight labor market.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/may/04/
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