Fed’s Jerome Powell Stresses On Price Stability After Rate Hike

U.S. Federal Reserve chairman Jerome Powell said in the FOMC press conference the Fed is strongly committed to restrict inflation. He said that at some point down the line, it will become appropriate to slow pace of rate hikes.

“Without price stability, the economy does not work for anyone.”

Thanks to the fourth straight 75 basis-point interest rate increase, the crypto prices turned green while Bitcoin showed slight bullish momentum following the Fed announcement. As of writing, Bitcoin price stands at $20,726, up 1.45% in the last 24 hours, according to price tracking platform CoinMarketCap.

“We still have some ways to go. Incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected.”

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

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