🇺🇸 Summary of the FED Chairman's testimony before the US House of Representatives 👇

- The US economy is still stable, not in recession, inflation may be lower than expected. The Fed is ready to cut interest rates early if the labor market weakens.

- The reason the Fed is not in a hurry to act is because internal and external forecasts predict that inflation will increase again this year, partly due to the impact of new tariffs.

- Most policymakers support cutting interest rates by the end of the year. Currently, the FED has more "room" to cut interest rates, unlike before when interest rates were close to 0.

- Banks are still free to provide crypto-related services, as long as they ensure the safety and soundness of the financial system. The Fed is not allowed and does not want to buy crypto.

In short, Powell emphasized that the Fed needs more time to observe the impact of tariffs and collect data. The target time to lower interest rates is still the end of the year. 🫩

Mr. Too Late =)) #PowellSpeech #Fed $BTC