Powell: US Interest Rates May Not Rise
The US Federal Reserve Chairman, Jerome Powell shared that the banking system in the US is strong and can withstand pressure. The US Fed had given support to banks when they needed it without messing with monetary policies. Powell thinks that the rate hike plans could be affected because of credit stress.
To keep things stable financially, we might have to do things that make it harder to get jobs and might increase prices. That means we might not have to raise the policy rate as much to reach our goals.
Powell Cautions Of More Market Turmoil
Jerome Powell spoke about future market shocks. It's hard to predict them. He was at a panel discussion about monetary policy. The discussion happened before a research conference hosted by the Federal Reserve Board of Governors. People in the crypto market aren't sure what to expect from the US Fed. They're wondering if they'll pause or maintain a hawkish pause in the June 2023 FOMC meeting.
Did you know that Central Banks could potentially use XRP through Ripple's CBDC platform? It's true! This would allow for faster, more efficient transactions. However, it is important to note that this has not been confirmed yet. We will have to wait and see what the future holds for XRP and Ripple's CBDC platform.
The central bank officials seem to support raising interest rates more. Bitcoin price reacted well to Powell's comments. But, the CME FedWatch Tool predicts a 69% chance of rate hike pause on June 14th, 2023.
The ex Fed Chair, Ben S. Bernanke, won the 2022 Nobel Memorial Prize. He joined a talk about US region banks. Bernanke addressed the Silicon Valley Bank collapse and how it made the market spread and affect the whole US economy. He compared it to the Global Financial Crisis. However, he thinks that borrowers are doing better this time around.
Check out this latest Bitcoin news. Big players and those who mine cryptocurrencies sell a lot of Bitcoins. They do it before the speech of the head of the Federal Reserve, Mr. Powell.
Anvesh talks about big changes in crypto usage and trading. He's been in the business since 2016 and supports decentralized tech. Anvesh lives in India and you can email him at [email protected].
The author's opinion is in the content, but market conditions can change. Research the market before investing in cryptocurrencies. If you lose money, the author and publication aren't responsible.
