US Federal Reserve Chairman Powell said it might be appropriate to raise interest rates further. Powell said another usually large raise could be appropriate at the next FOMC meeting.
The FED Chairman said the committee would not hesitate to raise interest rates by 100 basis points if necessary. However, this was not the thing in yesterday’s meeting, and the committee decided to increase 75 basis points. He stated the following:
“While another unusually large increase could be appropriate at our next meeting, that decision will depend on the data we will get between now and then.”
Powell said the current picture is clear, the job market is extremely tight, and inflation is too high. He said of growing concerns about inflation: “We are confident that inflation will rise to 2 percent.”
When asked whether the United States is currently in recession, Powell said many economic factors indicate otherwise. ‘No, I don’t think the US is in a recession. The reason is that too many sectors of the economy are doing well right now,” he said.
Meanwhile, the cryptocurrency market reacted positively to the Fed’s decision to raise interest rates. Bitcoin (BTC) rose 8.16% in the past hour, while Ethereum (ETH) rose 15.92%.