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Fed Chair Powell Saw 50 Basis Points Of Rate Hike If Necessary
Summary: The Fed is determined to take tough action on inflation until it is contained, and possibly more aggressively, raising rates by 50 basis points if necessary. Federal Reserve Chairman Jerome Powell spoke at the National Association of Business Economics annual meeting on Monday. The Federal Reserve last week raised its benchmark interest rate by 25 ...
The Fed is determined to take tough action on inflation until it is contained, and possibly more aggressively, raising rates by 50 basis points if necessary. Federal Reserve Chairman Jerome Powell spoke at the National Association of Business Economics annual meeting on Monday.
The Federal Reserve last week raised its benchmark interest rate by 25 basis points, the first increase in more than three years, this was accompanied by a 7.9% year-on-year increase in the U.S. consumer price index in February, the highest since 1982.
After Powell's speech, the Nasdaq Composite and S&P 500 fell as of Monday's close.
The crypto market is doing just fine. Bitcoin has changed hands near $41,197 at press time, up 0.04% over the past 24 hours, Ethereum has gained 1.87% over the past 24 hours, and Solana gained 0.25%, according to Bitpush Terminal data.
The macro picture looks unfavorable for the crypto market, as work to shrink the balance sheet is also on the horizon, which Powell said last week could begin as early as May.
By Mary Liu
Tags: Crypto Market,Fed,Inflation Rate,POWELL
Link: Fed Chair Powell Saw 50 Basis Points Of Rate Hike If Necessary [Copy]
