Bets Are Made, No More Bets

🟨At the latest meeting of the U.S. Federal Reserve, Chairman Jerome Powell delivered a speech filled with hints and ambiguities. He noted that the inflation data for the second quarter “added more confidence,” but also cautioned that a late rate cut could unnecessarily weaken the economy.

🟨The most interesting part was his hint at a possible rate cut in September. Powell stated that if inflation decreases as expected, economic growth remains strong, and the labor market stays intact, a rate cut will be on the table. He added that whether the Fed cuts rates by zero, one, or more times this year will depend on economic conditions.

🟨The cryptocurrency market reacted to Powell’s speech with fluctuations: initially, Bitcoin and altcoins dropped, but then surged upward.