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Fed Governor Chris Waller Speech Causes Bitcoin Price To Increase To $38,000
November 28, 2023 - Around 2 mins mins to read
Key Points:
- Fed Governor Chris Waller speech was held in Washington with confidence in the US economy’s current state.
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Waller suggests the Federal Reserve can prolong its pause in rate increases, a shift from his prior advocacy for rate hikes.
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Chris Waller speech led to a 2% rally in Bitcoin, showcasing the broader influence of the Fed’s economic management efforts.
In Washington, DC, Federal Reserve Governor Christopher Waller expressed optimism about the current trajectory of the US economy, citing recent data that indicates a slowdown in economic activity and a moderation in inflation.Â
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Chris Waller Speech Shows Optimistic Amid Economic Data
Waller, who has been a vocal proponent of rate hikes in the past, now suggests that the Federal Reserve’s current policy is moving in the right direction.
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Chris Waller speech came out with his view of being “increasingly confident that policy is currently well-positioned to slow the economy and get inflation back to 2%.” This shift in sentiment comes after he previously highlighted a divergence in economic data, where economic activity seemed to be picking up while inflation was slowing down.
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As the third-most hawkish member of the Federal Open Market Committee (FOMC), Waller’s more dovish stance is noteworthy and suggests a consensus within the central bank to extend a pause in rate increases, possibly into early next year.
Market Reacts as Federal Reserve Signals Prolonged Policy Pause
Interestingly, the financial markets responded to Chris Waller speech, with Bitcoin experiencing a rally of more than 2% following his statements. At the time of reporting, Bitcoin was trading at $38,000, indicating that Waller’s remarks have reverberated beyond traditional financial markets, influencing the cryptocurrency space.
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The combination of Waller’s confidence in the current policy direction and the positive market response underscores the significance of the Federal Reserve’s ongoing efforts to manage economic growth and inflation in a challenging economic landscape.
DISCLAIMER:Â The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.