Home > NEWS > Bitcoin Rises to $23.3K as Jerome Powell Repeats 'Disinflationary Process' Comment

Bitcoin Rises to $23.3K as Jerome Powell Repeats 'Disinflationary Process' Comment

The Fed chair spoke days after the central bank last hiked interest rates.

When discussing the money issue with Peter Rubenstein, founder of the Carlyle Group, Jay Powell pointed out that although the "anti-inflation process" begins now, it will take a long time for the Federal Reserve (Federal Reserve) to declare victory in its war against rising price levels.

Rubenstein, who did not consume time in an interview with the media, asked in her opening remarks whether Friday's explosive jobs report, which added 517000 jobs, probably affected the Fed's decision two days before the meeting. that is to increase the standard reserve ratio by only 25 percentage points. Powell said this information is unlikely to have an impact.

Powell said at a press conference held after the meeting last week that "the process of curbing inflation now begins", which has led to a sharp rise in both traditional markets and BTC (BTC). On Tuesday afternoon, he insisted on that view, but focused on the fact that the whole process had just begun and required a large increase in interest rates.

All in all, it's hard to see Powell's remarks as doves, but given that this is the first time the Fed has had a chance to release its views since Friday's jobs report, the sales market is likely to have been predicting a more radical trend.

Even so, BTC has taken a lead of about $300 since the interview, and the current transaction price is $23300. Traditional markets are still taking action, with Hong Kong's Hang Seng index up 1.5 per cent and the S & P 500 up 1.1 per cent, while interest rates on 10-year foreign government bonds fell 4 percentage points to 3.61 per cent.

by wjb news
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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