In his speech, Powell warned that the Fed was still concerned about the significantly high inflation in the country. As a result, he said that the bank will continue hiking interest rates in the coming months. He also hinted that the Fed will likely leave interest rates at elevated levels in 2023.
His statement came a few days after Joe Biden announced that he will forgive student debt for millions of Americans. Some analysts believe that this debt forgiveness will cost over $1 trillion in a decade. It will also likely lead to some inflation in the coming months. Powell’s statement mirrored that of other Fed officials like Mary Daly, Neel Kashkari, and Charles Evans. Therefore, there is a likelihood that the Fed will hike interest rates by 0.50% in the coming meeting in September.
Historically, Bitcoin and other risky assets tend to do well in a period when the Fed has embraced a more . The recent rebound was mostly because analysts were expecting the bank to start slowing its rate hikes and even start cutting in 2023.
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