US Federal Reserve Chair Jerome Powell said softer labor markets are required to lower the inflation. He warned that the US central bank is prepared to raise interest rates further if they feel it to be appropriate.
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Powell Speech Highlights Need To Restrict Monetary Policy
Powell revealed that the Fed staff intends to hold the interest rates at restrictive level until they are confident that inflation is moving sustainably towards the 2% target. He made the remarks at the Economic Policy Symposium also popularly called the Jackson Hole meeting hosted by the Federal Reserve Bank of Kansas City. Prior to the speech, traders were anticipating the Fed Chair’s comments on the long term economic scenario amid the ongoing macroeconomic uncertainty.
BTC Price Reacts ..
In response to the speech, the Bitcoin price dropped slightly while the S&P 500 Index also saw a slight dip.
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