Jerome Powell Speech: U.S. Federal Reserve chair Jerome Powell revealed economic projections on interest rates, unemployment, inflation and economic growth in his speech after the release of interest rate hike decision. The Fed chair said the labor market remains extremely tight with median projection for the unemployment rate rises to 4.6% by the end of next year.
Earlier, the Federal Open Market Committee (FOMC) announced a 0.50% interest rate rise. Stock markets and crypto prices reacted negatively despite the hike being on the expected lines. Meanwhile, Bitcoin (BTC) price stands at $17,946, up 1.27% in the last 24 hours, according to price tracking platform CoinMarketCap. The Fed hike announcement essentially nullified the gains BTC made earlier. At one point on Wednesday, the top cryptocurrency was trading at $18,300 range.
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Explaining the decision, the committee said the repeat of ongoing rate increases are likely appropriate to return inflation to 2 percent, going forward. The FOMC said it is looking at achieving maximum employment and inflation at the rate of 2 percent over the longer run.
The post Breaking: Jerome Powell Says Economy Slowed Significantly From Last Year’s Pace appeared first on CoinGape.
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