FED Chairman Powell's Critical Speech Started! Here are his first words…
Cryptocurrency investors are closely following the US front today. The US Federal Reserve (FED) recently kept interest rates constant at 5.50%. This decision caused the volatility in crypto assets to increase.
In the past minutes, FED President Jerome Powell's critical press conference started. Here are Powell's words specifically for this press conference:
Our economy has made serious progress. Strong employment gains continue in the economy.
Consumer spending remains strong.
The FED generally expects GDP to slow down compared to last year.
The labor market is coming into better balance.
Recent monthly inflation indicators have eased somewhat.
So far this year we have not gained greater confidence in reducing inflation.
We will need to see better data to increase confidence that inflation is falling.
If the economy remains solid and the inflation problem persists, we are prepared to maintain interest rates as long as appropriate.
We have a pretty conservative forecast for inflation, if we get better data I think the forecast will come down. However, we don't trust the predictions very much.
Unexpected weakness in the labor market may also require a response.