$BTC
#BTCReboundsRally FED press conference summary:
- Inflation remains high: The Fed warned that inflation remains “quite high.” The rate cut follows three consecutive cuts through the end of 2024.
- No rush to cut rates: Fed Chairman Jerome Powell said the Fed needs to see “substantial progress in inflation or labor market weakness before considering an adjustment.” The Fed remains steadfast in its 2% inflation target and is in no rush to cut rates.
- Tariff impact remains uncertain: Powell stressed that the impact of tariffs on the economy remains unclear. “We don’t know the extent, the duration, the countries involved, or the retaliatory response. How the tariffs impact the economy and consumers remains to be seen.”
- No contact with Trump: Powell said he has not had any contact with President Trump, despite Trump’s repeated calls for the Fed to cut interest rates. He also declined to comment on Trump’s remarks, calling them “inappropriate.”
- Market reaction:
Overall, Powell’s speech did not contain many surprises. Stocks reacted negatively, with CME data suggesting the earliest rate cut could come in June. However, Bitcoin held firm above $100,000.
Favorable