The crypto and broader market reacted with higher volatility after the Jerome Powell speech during Wednesday’s FOMC meeting.
However, there was a lot more to it that painted a much clearer picture of the current state of the economy and its implications for crypto market prices.
Moreover, the speech offered crucial insights into what could dictate the way investors will move in Q4.
Why Speech by Jerome Powell Weighed Heavily on Job Market Data
Employment data has been a key pillar in the FED’s decision-making process. The latest jobs market data was thus critical in the decision to lower rates.
Powell’s Speech revealed that the FED has been walking a tightrope because unemployment has been rising while inflation also stayed elevated.
The FED’s decision to cut rates was heavily influenced by the need to support the declining labor market.
Fed’s Biggest Challenge
Although the FED chair acknowledged that inflation remained elevated, he also downplayed it. This sugge
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