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Federal Reserve Chair Jerome Powell has firmly rejected former President Donald Trump's push for interest rate cuts, reinforcing the Fed's independence. Trump has criticized Powell for not lowering rates, arguing that inflation is under control, but Powell remains cautious, warning that Trump's proposed tariffs could drive prices higher.
This political tension is spilling into the crypto market, as investors seek alternatives to traditional assets. Bitcoin has seen slight gains, trading above $84,000, as uncertainty around U.S. monetary policy grows. Some analysts believe that Trump's pressure on Powell could push more investors toward Bitcoin, viewing it as a hedge against economic instability.
The situation raises key questions about the role of central banks in financial markets and whether political influence should shape monetary policy. Powell's rejection of Trump's request reinforces the Fed's commitment to independence, but the debate over economic strategy—and its impact on crypto—is far from over.
