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Cryptocurrency investors are facing intense hours as the Federal Reserve members begin to make their announcements. Following the interest rate decision, Fed officials are sharing their assessments of the current situation. Waller has provided significant signals regarding future monetary policy. Meanwhile, the hacked cryptocurrency exchange BingX has also released its latest update.
Fed Insights and BingX Update
During the preparation of this piece, Fed member Waller addressed the first interest rate cut in four years. Powell indicated that the 50 basis point cut received substantial support from the members, a point Waller confirmed. BingX reassured its customers that they will not face issues regarding payment operations.
Key highlights from Waller’s statements include:
- When asked about the 50 basis point cut, Waller confirmed it was the right figure.
- We are at a strong point in the economy, and we want to maintain it; a 50 basis point cut is the correct policy action.
- I expect the August PCE to be very low.
- When moving from 25 basis points to 50, I mentioned two weeks ago that 25 was a good idea, but I was open to 50 as well.
- Inflation is softening much faster than I thought.
- If the data is good, you might envision moving to 25 in the next one or two meetings.
- If the labor market worsens and inflation data softens quicker, we can do more.
- We might even consider a pause depending on the data.
- We see a lot of room for downward movement in the next 6-12 months.
BingX shared the following announcement:
“The majority of user assets are securely stored in cold wallets, and $10 million is currently frozen. The BingX technical team is improving the wallet’s underlying infrastructure and addressing the remaining risks from this incident. We have sufficient reserves to cover all potential losses.”
