Former U.S. President Donald Trump escalated his attack on Federal Reserve Chairman Jerome Powell following the Fed's recent decision to keep interest rates unchanged, which caused a noticeable stagnation in the movement of financial markets and cryptocurrencies. 🔺In a strongly worded post on his platform 'Truth Social', Trump described Powell as 'the worst' and a true cost to America in the billions,' expressing his anger at the Fed's refusal to lower interest rates despite economic pressures. Trump also attached a link to an article calling for Powell's resignation if he insists on his current policy.
🔥The Federal Reserve decided on June 18 to maintain interest rates within the range of 4.25% to 4.5%, in a move considered a continuation of its cautious approach in the face of inflation, despite increasing calls from the White House for monetary easing. This decision immediately reflected on the cryptocurrency market, where Bitcoin halted at $104,000, achieving marginal gains of no more than 0.3% over two weeks. The total market capitalization of cryptocurrencies also dropped by 2.3%, and daily trading volume decreased by about 15% to just $101 billion. As for traditional markets, notable fluctuations were observed; the Dow Jones index fell by 0.10%, the S&P 500 by 0.03%, while the Nasdaq index increased slightly by 0.13%. In a press conference, Powell stated that the Fed is 'in a good position to wait' before taking any additional action regarding interest rates.
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