From Investing.com: 2024-07-09 15:00:29

Federal Reserve Chair Jerome Powell addressed inflation concerns, signaling a potential rate cut in September and a second by year-end. Powell emphasized the need to balance economic growth with inflation targets during his speech to Capitol Hill this week. Market expectations anticipate a decrease in rates, with FOMC members signaling only one cut during their June meeting.

Crypto market reacted positively to Powell’s speech, with cryptocurrencies trading higher as confidence in the Federal Reserve’s rate cut intentions grew. Bitcoin rose by 2% to $57,200, while other top cryptocurrencies saw gains ranging from 2% to 13%. Fluctuating expectations for U.S. interest rates have impacted demand for riskier assets, including Bitcoin, which had dropped to lows last seen in February.

Read more at Investing.com: Jerome Powell’s Market Update Spurs Crypto Response: Details By U.Today