Jerome Powell Promised To Control Inflation Soon, After A Gloomy Period
Stock jumped after Jerome Powell promised that the Fed will keep inflation under control when the economy recovers.
Federal Reserve System (Fed) is responsible for price stability, and its members have lately indicated that they may hike interest rates many times this year in order to calm the economy and prevent quickly increasing prices from becoming permanent. On Tuesday, Jerome Powell, Fed’s Chairman, reaffirmed his promise.
“If we see inflation persisting at high levels longer than expected, if we have to raise interest rates more over time, we will,” Jerome Powell said.
“If inflation does become too persistent, if these high levels of inflation get entrenched in our economy, and in people’s thinking, then inevitably that will lead to much tighter monetary policy from us, and it could lead to a recession, and that would be bad for workers,” he added, “The committee hasn’t made any decisions about the timing of any of that — I think we’re going to have to be both humble and a bit nimble.”
The current FED’s monetary policy has had a significant influence on Bitcoin and altcoin prices.
Following Mr. Powell’s announcement, the price of bitcoin and altcoins has rapidly recovered. Bitcoin price has returned to $43,000, while $ETH and $NEAR have gained 3% – 5% in the previous 24 hours.
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