🔥IMPORTANT🔥
💥Powell testified before the Senate Banking Committee, they put him in UNCOMFORTABLE situations
👉This is the most important thing you should keep in mind:
▪️Powell claims to be "surprised" by the growing number of cases of companies of #Bitcoin and #cryptocurrencies that were unbanked and is "determined to examine that from a new perspective".
▪️The term unbanked refers to the prohibition of access to the banking system
▪️Basically, Powell stated that there is an ATTACK from banks against the #crypto industry
▪️Powell also stated that he will support efforts to create clear regulations on stablecoins
▪️Senator Lummis told Powell that the FED has a "deliberate lack of understanding of digital asset policy"
▪️Powell stated that NO CBDC will be created under his administration
▪️Powell: "Overall economic figures are very very good, we are NOT in recession" (good for the market)
▪️Powell stated that the final/neutral rate they are targeting INCREASED from the extremely low levels prior to the pandemic
▪️In any case, remember that in the last press conference he stated that the final rate is WELL below the current one
▪️Powell stated that they will start QE (asset purchases) ONLY if the interest rate reaches 0% and that QT (asset sales) will continue because reserves are ABUNDANT
▪️Powell: "It is not for me to say if we achieved a soft landing, but we do NOT have a hard landing." In response to these statements, a Senate member CONGRATULATED him for the work done
▪️Regarding rates, he refused to comment as "it is still unknown how they will be implemented and therefore their effects"
📍In summary, as Powell stated, they will CUT the rate if the labor market weakens or if inflation falls more quickly
📍A DOWNWARD inflation could positively impact the market, tomorrow the CPI is KEY
💥Powell testified before the Senate Banking Committee, they put him in UNCOMFORTABLE situations
👉This is the most important thing you should keep in mind:
▪️Powell claims to be "surprised" by the growing number of cases of companies of #Bitcoin and #cryptocurrencies that were unbanked and is "determined to examine that from a new perspective".
▪️The term unbanked refers to the prohibition of access to the banking system
▪️Basically, Powell stated that there is an ATTACK from banks against the #crypto industry
▪️Powell also stated that he will support efforts to create clear regulations on stablecoins
▪️Senator Lummis told Powell that the FED has a "deliberate lack of understanding of digital asset policy"
▪️Powell stated that NO CBDC will be created under his administration
▪️Powell: "Overall economic figures are very very good, we are NOT in recession" (good for the market)
▪️Powell stated that the final/neutral rate they are targeting INCREASED from the extremely low levels prior to the pandemic
▪️In any case, remember that in the last press conference he stated that the final rate is WELL below the current one
▪️Powell stated that they will start QE (asset purchases) ONLY if the interest rate reaches 0% and that QT (asset sales) will continue because reserves are ABUNDANT
▪️Powell: "It is not for me to say if we achieved a soft landing, but we do NOT have a hard landing." In response to these statements, a Senate member CONGRATULATED him for the work done
▪️Regarding rates, he refused to comment as "it is still unknown how they will be implemented and therefore their effects"
📍In summary, as Powell stated, they will CUT the rate if the labor market weakens or if inflation falls more quickly
📍A DOWNWARD inflation could positively impact the market, tomorrow the CPI is KEY
