Jerome Powell hints at interest rate cuts in September, despite warnings that inflation risks remain high.
The Fed kept the interest rate at 4.25%-4.50% during the July meeting, but the probability of a rate cut in September rose above 90% after the speech.
The crypto market exploded:
Bitcoin (BTC) surpassed 115,000 USD
Ethereum (ETH) reached 4,600 USD
US stocks surged, and the USD Index fell slightly.
The US labor market weakened: only 73,000 jobs were added in July, with an average of 35,000/month over the past 3 months.
Powell announced a new policy framework, aiming for a tighter 2% inflation target.
Expectations of the Fed cutting interest rates are boosting the crypto market, creating opportunities for Bitcoin, stablecoins, and DeFi in the near future.
