According to reports, Federal Reserve Chairman Jerome Powell declined to comment on the central bank's monetary policy and interest rate decisions at his latest meeting. According to the Federal Reserve's official publication, Powell's opening remarks included discussions about the U.S. bank capital framework, its components, and the importance of effective oversight. The Federal Reserve Chairman noted:
"A great advantage of this conference is the opportunity to consider all the elements of the capital framework together, rather than analyzing them individually. We need to ensure that all components of the capital framework work effectively together. This will help maintain a safe, sound, and efficient banking system for the benefit of the people we serve."
Interestingly, Powell's opening remarks did not meet the expectations of the cryptocurrency market. As the meeting took place amid rising tensions between Powell and Trump, some anticipated a statement regarding a possible resignation before the Fed Chairman's speech today. Jerome Powell did not mention his future at the Fed nor potential interest rate cuts, which could impact the cryptocurrency market.
Previously, President Donald Trump warned about firing the Federal Reserve Chairman, citing his inability to lower the interest rate. The latest meeting and Powell's silence on monetary policy could further strain the relationship between the two.