US Fed's Jerome Powell: Full Effects Of Rate Hikes Yet To Be Felt

Also Read: US Fed Hikes Interest Rate By 25 Bps; Bitcoin Price Surges

advertisement

The central bank’s Federal Open Market Committee (FOMC) on Wednesday delivered a 25 bps rate hike decision, much to the expectation of the financial markets. Thanks to the market wide anticipation of the rate hike this time around, stock indices S&P 500 and Nasdaq, as well as the Bitcoin price showed little volatility after the decision was delivered on Wednesday.

Powell: Rate Hike Possible In September

More importantly, Powell said the Fed had not made a decision about any future FOMC meetings, when asked about plans on further rate hikes. “The intermeeting data came in broadly in line with expectations,” he added. He warned that there is a possibility that incoming economic data could force the Fed to raise interest rate again in the September 2023 meeting.

Stating that the Fed would be careful about considering the inflation reading alone when deciding on the rates, the Fed Chair explained that the FOMC would prefer to look at the totality of data with a particular focus on inflation.

Recommended Articles
ethereum price crypto news
Crypto Presale Projects For 2023 To Invest; Updated List
Must Read
crypto exchange affiliate programs
Best Crypto Exchange Affiliate Programs In 2023
Must Read
ethereum price crypto news
Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated]
Must Read
ethereum price crypto news
Crypto Telegram Channels List 2023 [Updated]
Must Read
ethereum price crypto news
Top 10 Web3 Games To Explore In 2023; Here List
Must Read

Inflation Remains Elevated: FOMC

Earlier, the FOMC stated that the US economic activity has been expanding at a moderate pace in recent times. It said the job gains have been robust and unemployment rate remained low while inflation remains elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run, it said. Accordingly, the committee decided to raise the target range for the federal funds rate to 525 to 550 bps, while remaining highly attentive to inflation risks.

Also Read: Terra Luna Classic To Burn 800 Million Tokens, LUNC And USTC To $1?

Comments

Post a Comment

Popular posts from this blog

Binance Australia raided by regulator just weeks after Europe HQ raid

Binance Australia’s offices have been raided by the nation’s finance regulator in an ongoing investigation into unlawful derivatives dealings — just weeks after the crypto exchange’s offices in France were raided as part of a money laundering probe. The Australian Securities and Investments Commission (ASIC) searched Binance locations on Tuesday, according to Bloomberg. The outlet cited anonymous sources familiar with the matter, who chose to keep their identities concealed. An ASIC spokesperson said it could neither confirm or deny the reports. Binance stated that it’s “fully cooperating” with local authorities. The news comes after Binance Australia had its derivatives license revoked in April. According to ASIC, it’s investigating the “extent of consumer harms” caused by the crypto exchange to local users. ASIC is probing allegations of Binance incorrectly classifying retail and wholesale investors in its derivatives business. Binance Australia ’s fiat on-ramp services we...
Read more

Toncoin (TON) Rallies 15% After Binance Listing: $10 Soon?

Image
The world’s largest crypto exchange by volume, Binance, has announced that it will begin spot trading for Toncoin (TON) from today. The development has led to a significant price rally for TON, which witnessed a 15% price bump following the news. The daily charts show that the asset is currently up by 8.4%. TON continues to glow red in the other time frames, falling 7.8% in the last week, 5.7% in the 14-day charts, and 14.2% over the previous month. Also Read: Toncoin (TON): The Telegram-Linked Crypto to Watch in 2024 Current Performance and Market Position Source: CoinGecko TON is currently the second-best performing cryptocurrency among the top 100 projects by market cap in the daily charts, following XRP. Recent Price Movements TON has displayed incredible performance this year. The asset was trading at around $2 in late February but has since risen to over $6. Based on the Telegram network, TON saw a significant price increase after integrating into the Telegram messaging plat...
Read more

copycat Stars Arena patches exploit on Friend.tech following a financial drain

Image
The Stars Arena has made a significant announcement, revealing that malevolent forces have been siphoning funds through a cunning loophole. However, the team has swiftly taken action, successfully patching the contract to avert any further harm. As per reports circulating on social media, the Stars Arena Web3 social media platform on the Avalanche network has fallen victim to a malicious attack. This unsettling incident was brought to light by a Stars Arena user, Lilitch.eth, on October 5, who took to X (formerly Twitter) to declare that over $1 million had been lost as a result. The Stars Arena team has unequivocally acknowledged this audacious attack, characterizing it as nothing short of a “war” waged against their platform. Surprisingly, they assert that the actual losses incurred amount to a mere $2,000, affirming that they have successfully plugged the exploit . Stars Arena, much like the popular Friend.tech, empowers users to acquire “shares” in the f...
Read more