summary of Jerome Powell’s press conference today:
No change in interest rates – Held steady at 4.25%–4.5%.
No early rate cuts – Inflation is still above the target, so rate cuts aren’t coming soon.
Support for stablecoin regulation – Emphasized the need for strong regulation of stablecoins.
Crypto banking allowed – Banks can offer crypto services, but only with strong risk management in place.
Market reaction – BTC dipped slightly, ETH dropped about 4%, but overall, the market remains cautious.