Rising inflation in the USA has affected the cryptocurrency markets as much as it has affected the global markets.
Because to combat rising inflation, the FED increased interest rates, and these increases negatively affected Bitcoin (BTC) and cryptocurrencies.
Speaking to Bloomberg News at this point, US Treasury Secretary Janet Yellen stated that inflation started to slow down.
Yellen stated that the labor market has cooled down and that this is an important factor in the slowdown in inflation.
“Some firms' hiring demands have decreased in intensity. The employment market is cooling down without causing significant distress.
This plays an important role in slowing down inflation.
This cooling in the employment market will also reduce cost pressures on housing and vehicle prices.”
Commenting on the inflation data announced in June, the US Treasury Secretary continued his words by stating that it is necessary not to look at only one month's figure and to be cautious:
“The contribution of the housing sector to the increase in inflation has decreased, prices will come down even more. This is important in terms of core inflation.
In addition, the slowdown in used car prices is remarkable. This contributed to the slowdown in core inflation.
Stocks are increasing, supply chain problems in the sector are being solved, more contributions can be made from this sector in reducing inflation.”
Finally, Yellen reiterated that she does not expect a recession in the USA and pointed out that there is a significant decline in unemployment rates.
On the drop in the unemployment rate, Yellen said, “We see that companies are not actively laying off, except in some sectors like technology.” said.
*Not investment advice.