BULLISH NEWS EMERGES FROM US FEDERAL RESERVE - BASE RATE CUTS STILL EXPECTED
- As reported by the Wall Street Journal, Chair of the US Federal Reserve, Jerome Powell, has confirmed that it is still on track to cut interest rates this year.
- The Fed previously suggested as many as 3 interest rate cuts this year but questions emerged after higher than expected inflation data was revealed at the start of February.
- Hopes will no-doubt be buoyed by this reiteration of previous intent, however, with base rate cuts seemingly a matter of ‘when’ not ‘if.
- Powell did, meanwhile, explain that officials are still looking for further evidence of falling inflation before actual cuts can be implemented.
- He pointed to those seeking “greater confidence that inflation is moving sustainably” toward the Fed’s 2% target.
- $BTC and other major tokens are yet to respond fully to the news, having reclaimed $66,000 after crashing to as low as $62,000 in the wake of new all-time highs set yesterday.
Image: CNBC
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