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Crypto Markets and Equities Jump As U.S. Fed Chair Jerome Powell Alludes to Upcoming Rate Cuts Crypto Markets and Equities Jump As U.S. Fed Chair Jerome Powell Alludes to Upcoming Rate Cuts

Crypto Markets and Equities Jump As U.S. Fed Chair Jerome Powell Alludes to Upcoming Rate Cuts

The crypto and stock markets surged Friday after Federal Reserve Chair Jerome Powell alluded to upcoming rate cuts in a speech at an economic symposium.

While speaking in Jackson Hole, Wyoming, Powell said the economy was growing at a “solid pace” but noted that inflation and labor market data indicated an “evolving situation.”

“The upside risks to inflation have diminished. And the downside risks to employment have increased. As we highlighted in our last FOMC (Federal Open Market Committee) statement, we are attentive to the risks to both sides of our dual mandate.

The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.

We will do everything we can to support a strong labor market as we make further progress toward price stability. With an appropriate dialing back of policy restraint, there is good reason to think that the economy will get back to 2 percent inflation while maintaining a strong labor market.”

CoinGecko reports that the overall crypto market cap surged by 4.6% on Friday, with Bitcoin (BTC) clearing $64,000 for the first time since August 2nd. Meanwhile, the S&P 500 surged by 1.15% on the same day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Conor Devitt

https://dailyhodl.com/2024/08/24/crypto-markets-and-equities-jump-as-u-s-fed-chair-jerome-powell-alludes-to-upcoming-rate-cuts/

2024-08-24 16:55:55

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