While Bitcoin approached $36,000 with its rise yesterday, BTC and global markets focused on FED President Jerome Powell’s speech.
The statements of the FED President, who will make the opening speech at the “FED Research and Statistics Department Centennial Conference”, will be followed closely.
Powell’s speech will begin at 17:15 Türkiye time.
At this point, the markets are expected to gain direction with Powell’s statements.
Jerome Powell, who is expected to announce his predictions about the interest rate policy that the FED will follow in the coming period and give a clue as to whether the interest rate will be increased in December, said in the last interest meeting, “The FED will decide whether to increase the interest rate in the light of the incoming data.”
As it is known, the FED interest rate decision and FED Chairman Powell’s speech have a great impact on Bitcoin and cryptocurrencies. Because there may be sharp and sudden movements in BTC and cryptocurrencies during Powell’s speech.
Apart from this, FED members Michelle W. Bowman and Lorie Logan also made statements about interest rates yesterday.
Stating that he supports the FED’s decision to keep interest rates steady in November, Bowman stated that he is open to supporting further interest rate increases if incoming data shows that the progress in inflation has stalled or is insufficient to reduce inflation to 2 percent in a timely manner.
Bowman also pointed out that in line with the statements of the FED president, the FED will closely monitor the incoming data regarding the interest rate increase and that the monetary policy is not on a predetermined route. Bowman also added that the Fed interest rate is currently restrictive.
Dallas FED President Lorie Logan said that he supported keeping the policy rate constant at the FED’s meeting last week to evaluate whether financial conditions are tight enough to reduce inflation, but the fight against inflation has not yet been won.
The next FOMC meeting will be held on December 12 – 13, and the critical interest rate decision will be announced on December 13 at 21:00 CET.
*This is not investment advice.
Read the full article here