Markets rose after the Federal Reserve Chairman’s statement on interest rates…details here
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Answer Markets rose after the Federal Reserve Chairman’s statement on interest rates…details here
Stock markets, cryptocurrencies, and precious metals rose against the dollar after Powell’s speech at the Brookings Institution on the last day of November.
US Central Bank Chairman Jerome Powell presented a progress report on the efforts of the Federal Open Market Committee (FOMC).
The Federal Reserve chairman’s speech at the Brookings Institution in Washington hinted at the possibility of raising interest rates at a lower rate starting in December.
It makes sense that we should slow down our price increases as we approach a level of restraint that will be sufficient to bring down inflation.Read:Learn about…the most prominent crypto-rich people who were on the Forbes Rich List
The time to adjust the pace of rate hikes may come once the December meeting.
After Powell’s speech, stock markets jumped and cryptocurrencies and precious metals followed suit.
An ounce of pure gold jumped 1.15% over the past 24 hours, while an ounce of pure silver rose 4.45%, according to the New York spot market price.
Gold is currently trading at $1,774 an ounce and silver is being swapped at $20.97 an ounce.
Economist Peter Schiff, investor and gold lover commented:
Investors no longer buy what Powell is selling.
Not only will the economy collapse, it will also be another financial crisis.
All four major stock indexes rose Wednesday afternoon after Powell’s speech.
The Nasdaq, Dow Jones, Standard & Poor’s 500 and New York Stock Exchange are all up 2% and nearly 5% against the dollar.
Equity investors think Powell plans to settle in by dramatically raising interest rates after his suspension at the Brookings Institution.Read:The Cardano project adds a new feature to get more ADA coins
Powell’s remarks indicated that the restrictive policy remains necessary to stay in place for some time.Read:The number of Ethereum coins deposited in the Ethereum 2.0 “staking” contract reaches a new record!
Powell detailed that restoring price stability is likely to require maintaining monetary policy at a constrained level for some time.
History warns strongly against the policy of premature easing.
Accordingly, we will continue the path until the work is completed.
Cryptocurrencies also benefited after Powell’s speech as the entire cryptocurrency economy rose 1% against the dollar on Wednesday afternoon.
Bitcoin (BTC) surged above the $17,000 level, gaining 1.30% while Ethereum jumped 1% on Wednesday, approaching the $1,300 level per coin.
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