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Bitcoin price drops below $63,000 while US stock markets start the day with losses exceeding 2%. This week was expected to see a rise in stock values due to strong earnings reports from major tech companies.
Why Are Bitcoin and the Stock Market Falling?
However, Q1 growth data turned everything upside down. Treasury Secretary Yellen has made statements regarding the current situation. The situation for the Fed in combating inflation is very complex, interest rates are at a peak, and yet the inflation data for the first quarter came in high. On the other hand, the latest growth figure shows that Fed pressure is limiting the economy. Treasury Secretary Yellen is making statements as this article is being prepared, and the key points are as follows:
- GDP data may be revised.
- I still see significant strength in the underlying factors of economic activity.
- GDP data shows increases in consumer and investment spending.
- We are on a downward path for inflation.
- We have a very good and strong job market, and I do not see evidence that it is a source of inflation.
- I do not think wage increases are a source of inflation.
- I definitely do not see the US economy as overheated.
- My position has been that currency intervention is only acceptable in very rare and exceptional cases.
DXY quickly approached the 106 mark after dropping to 105.5 following the latest data. In the coming days, evaluations by Fed members will be crucial for the next phase, and for now, Yellen says there is no problem.
