2023-02-08
Fed
Chairman Jerome Powell said that while the "process of overcoming
inflation" has already begun, it will still take some time before the Fed
is ready to declare victory in the fight.
Powell said
that "the process of fighting inflation has begun" and stressed that
the process is only just beginning and that more interest rate hikes are
needed.
He also
reiterated that this year is likely to be a year when inflation has dropped
significantly. This comes after strong employment data was released last Friday
and could change the Fed's decision to raise interest rates.
Investors
expect the Fed to raise interest rates by another 0.25% at next month's
meeting, to the level of 4.75%-5.00%, before keeping interest rates at that
high.
Ref. BITCOIN Price in USD: BTC Live Price Chart News (blocksky.io)
Meanwhile, Bitcoin rose 2.32%, moving at $23,300.
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