Bitcoin price surpassed $61,000 again before Powell’s statements, which is positive for altcoins. Although Powell’s speech will start in a few hours, Fed members have been making preparatory statements throughout the week. Now, Fed member Bostic is speaking. Here are the details.
Fed Statements
Fed members are now convinced about interest rate cuts. While some still maintain limited caution, some members clearly state that the time for interest rate cuts has come. Indeed, the market’s expectation for interest rate cuts has strengthened compared to a few months ago. Below are the current FedWatch data.
Fed member Bostic’s important highlights are as follows:
- Patience will be needed in the policy path.
- Employment revision figures did not change much for me.
- Inflation fell more than I expected.
- Inflation is not very close to the Fed’s target.
- We still have a way to go on inflation; don’t think our job is done.
- Recent inflation figures made me more confident that inflation is returning to 2%.
- The labor market is a sign that we are returning to a much more normal place.
- We cannot wait for inflation to fall to 2% to change the policy rate.
- Our policy has shown its effect, and we can start returning to a normal policy stance.
- We are close to being ready for an interest rate cut.
- We want to return to normalcy calmly and orderly.
- We will need to think a lot about what is happening in the labor markets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
