Jerome Powell Press Conference: Fed chair Jerome Powell said in his opening remarks at the FOMC Press Conference that the committee is committed to the 2% inflation target. Powell said price stability is the bedrock of the economy. Ongoing increases will be appropriate to return inflation rate to 2%, he said.
Also Read: Bitcoin (BTC) Reaction To Powell Speech, US Rate Hike Hardly Lasts Long; Here’s Why
The US Federal Reserve announced a 25 bps interest rate hike in February, a decision that could be seen as a slowdown in its effort to curtail inflation. However, the central bank said further rate increases are in store in the coming months, keeping traders guessed about when a Fed pivot would arrive.
The U.S. Dollar Index (DXY) recovered slightly from its earlier losses following the rate hike decision on the expected lines. Meanwhile, the crypto market reacted positively to the interest rate hike decision. As of writing, BTC price stands at $23,044, up 0.10% in the last 24 hours.
Also Read: Cathie Wood Revises Her Bitcoin (BTC) Price Prediction For 2030
The post Just In: US Fed Chair Jerome Powell Says Rate Hikes To Continue appeared first on CoinGape.