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Bitcoin (BTC) appears to be running out of steam after the latest US inflation data and speech from Fed Chair Jerome Powell speech on what the market should expect per interest rates moving forward. The Fed Chair’s statement comes about a week after the apex bank implemented its second rate cut for the year. Fed Chair on What Next For Interest Rate In his speech, Fed Chair Jerome Powell said the state of the economy shows there is no urgency for further interest rate cuts. The Fed Chair said the economy’s strength is promising and that it will engage in prompt monitoring of the economy. The essence of this is to ensure that inflation stays within an acceptable range. .@jenniferisms recaps Fed Chair Powell’s speech in Dallas, TX, where he addressed the future of interest rate decisions: “The economy is not sending any signals that we need to be in a hurry to lower rates,” he said. pic.twitter.com/qBujZg5NRx — Yahoo Finance (@YahooFinance) November 14, 2024 As reported earlier today, the US PPI Inflation data comes in at 2.4%, exceeding the broader market’s forecast. The PPI serves as one of the Federal Reserve’s favorite gauge for market strength. That the PPI is close to the 2% inflation range serves as a good omen. When the Fed slashed rates by 0.25% last week, many speculated that the Fed may implement more rate cuts this year. In his Dallas speech, Jerome Powell said the Fed will continue to monitor market data to guide its next decisions. Despite the generally positive reading in most inflation guages, Powell said he expects fluctuations in the future. For over four years, the Feds adopted a hawkish approach to interest rate. The bank did not follow the bandwagon when other Central Banks implemented rate cuts. While this Fed…

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Filed under: News - @ November 15, 2024 9:21 am