Bitcoin Price Jumps Over US Fed's Jerome Powell Rate Hike Hints

Also Read: Michael Saylor’s MicroStrategy Buys Another 12,333 Bitcoins, Bull Run On?

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The central bank chief’s warnings on rate hikes come at a time when a vast majority of traders believe the July 26 meeting of the Federal Open Market Committee (FOMC) would deliver a rate hike. According to the CME FedWatch Tool, an overwhelming 81.8% of the respondents showed confidence of a rate hike.

Powell Speech: More Restriction Coming

The US Fed Chair participated in a monetary policy forum hosted by the European Central Bank (ECB), along with other global central bank leaders in Sintra, Portugal. The forum has ECB President Christine Lagarde, Bank of England Governor Andrew Bailey and Bank of Japan Governor Kazuo Ueda in attendance. Powell explained that there was a strong majority among the Fed officials to go for two more rate hikes.

“We believe there is more restriction coming, driven by the labor market. There is a strong majority for two rate hikes in dot plot.”

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Following the recent rate hike pauses, resumption of rate increases will add to the 10 back to back rate hikes which started in March 2022. The Fed officials have been voicing out the central bank’s aim to bring down inflation to the 2% target, for which traders expect monetary policy tightening continuing until late in 2024.

Also Read: Cardano Price Lifeline Danger As Robinhood Delists ADA – Are Losses To $0.22 Imminent?

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