Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
The Fed Chair acknowledged a softer labor market has gotten his attention, but reminded that inflation remains too high.The chances of a September rate cut edged just so slightly higher on Tuesday as U.S. Federal Reserve Chairman Jerome Powell said elevated inflation is not the only risk faced by the economy.for his Humphrey-Hawkins testimony in front of a Senate committee.
A check of traditional markets finds the major U.S. stock indexes roughly flat and the dollar and bond yields slightly higher. Any hint of dovishness by the Fed chair was balanced out by his continued focus on inflation."We do not expect it will be appropriate to reduce the target range for the federal funds rate until we have gained greater confidence that inflation is moving sustainably toward 2 percent," he told the committee., the odds of one or more rate cuts at the Fed's September are now at about 75% – that's up only a hair from 24 hours ago, but up from 50% one month ago.
Still to come on Thursday is the latest read on inflation with the government's June Consumer Price Index report expected to show prices rising 0.1% last month and core prices rising 0.2%. On an annual pace, headline inflation is seen coming in at 3.1% and the core rate 3.4%. A surprise in either direction is likely to quickly change those September rate cut odds.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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