Fed Chairman Jerome Powell spoke in front of the Financial Services Committee of the US Congress House of Representatives at 17:00 today.
The text of Powell's speech to Congress has been published before.
In his speech, Powell stated that they are determined to reduce inflation and that further rate hikes may be seen until the end of 2023.
In this context, Powell stated that they will continue to increase interest rates, but they have slowed the rate of increase in interest rates.
“…Almost all FOMC participants think it would be appropriate to raise interest rates a little more by the end of the year. But given how quickly we moved at last week's meeting, the target range is fixed to allow the committee to consider additional information and its implications for monetary policy. We decided it would be prudent to keep
Just as a car slows down when it approaches its destination, we slow down the rate of increase in interest rates. Speed is one thing, interest rate hikes are another.
Inflation pressures continue to be high. In this context, the FED's process of reducing inflation to 2% again continues. "
Speaking about stablecoins, Powell said that they see stablecoins as a form of money.
"We see stablecoins as a form of money. It would be a mistake to undermine the Fed's role in stablecoins in this context."
Powell's positive statements on stablecoins helped Bitcoin rise above $29,500.
Powell's speech continues. Will there be a $30.00 test in Bitcoin with the end of the conversation? We will be following.
*Not investment advice.