Jerome Powell
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Thursday’s CPI report shows prices are coming down more quickly than analysts had anticipated, renewing hope that central bankers will cut rates in the fall
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Plus, a look into ETH ETF fees and a spicy exchange from this morning’s Senate Banking Committee hearing
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Bitcoin retook $68,000 Thursday, rallying close to 4% in 24-hours while ether gained 2% to sit around $3,400
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The S&P 500 and Nasdaq Composite gained 1.2% and 1.7%, respectively, while bitcoin and ether inched their way into the green
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The US labor market added more jobs than expected in January, leaving analysts and investors doubting that an interest rate cut will come in March
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Markets dipped during Powell’s Wednesday press conference but recovered Thursday to around pre-rate decision levels
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The Fed opts to hold rates for a fourth consecutive time, citing high job openings and slightly improving inflation
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Global bank leaders say a recession is unlikely, but persistent inflation may lead to rate hikes
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Bitcoin soared to around $31,230 Friday afternoon in New York for the first time since April
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The central bank head appeared before lawmakers Wednesday to defend his monetary policy
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Crypto moved further in the green while stocks went red — analysts say institutional interest and increased risk appetite are to blame
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eToro’s Callie Cox noted that bitcoin has led the stock market “in seven of the last 10 Fed days”
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Interest rates could end up “higher than anticipated,” the central bank chief said on Capitol Hill, Tuesday
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The Nasdaq Composite and S&P 500 indexes rose as much as 1.4% and 1.1%, respectively, during Powell’s interview
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The central bank raised interest rates by 25 basis points — that’s not surprising — but all eyes are on the subtext
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If Powell and the committee signal a forthcoming pause in interest rate hikes, markets will react favorably, but a hawkish stance will likely send shares plummeting again
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The hike marks the Fed’s seventh consecutive rate increase, a strategy it hopes will curb the highest inflation the country has seen in more than four decades
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The S&P 500 and Nasdaq Composite indexes both gained about 1% and 1.5% in the moments following Powell’s speech
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The Fed’s forward guidance statement did not provide clarity about what December might bring
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Investors seem confident that the central bank will continue its rate hikes this week with a 75 basis point increase announced Wednesday, followed by 50 basis points in December
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The regulator is particularly concerned about stablecoins, volatility and crypto token classification
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Powell was guarded when asked about what might come in November — markets are still betting on a 75 bps increase at the next FOMC meeting
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