$BTC 📢RECAP: POWELL ON THE MOVE ⚠️

On May 14, 2024, the U.S. Producer Price Index (PPI) for April rose by 0.5%, exceeding the expected 0.3%, indicating persistent inflationary pressures. Despite this, Federal Reserve Chair Jerome Powell characterized the report as "mixed" due to prior data revisions and emphasized that the next policy move was unlikely to be a rate hike. He reiterated the Fed's stance to maintain current interest rates, highlighting the need for patience to allow restrictive policies to work.

Markets responded positively to Powell's comments. The Nasdaq Composite reached a record closing high, while the S&P 500 and Dow Jones Industrial Average also posted gains. Treasury yields declined slightly, and the U.S. dollar edged lower, reflecting investor confidence in the Fed's cautious approach.

Powell also expressed optimism about the U.S. economy, forecasting continued growth and a decline in inflation, though he noted his confidence is somewhat reduced due to unexpectedly high inflation in early 2024. He emphasized the strength of the labor market and expected economic growth of around 2% for the year, supported by ongoing job creation and immigration.

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