Jerome Powell's statements briefly injected optimism into the market
Powell dismissed market concerns about"stagflation," a scenario in which slow economic growth is coupled with high inflation. He said that he did not see"the stag or the flation."
Earlier, JPMorgan CEO Jamie Dimon amplified stagflation concerns, warning that the US economy might be heading back to the 1970s. In response to Powell's speech, American businessman and investor Jeffrey Gundlach said that he expects only a single rate cut this year. He doesn't see a rate cut coming this June. The Fed chair himself has stated that it would be hard to predict how the rates are going to change, but he has predicted that the next policy move is unlikely to be a cut. According to Powell, rate cuts could come sooner due to an unexpected weakening in the labor market.
'Bitcoin Jesus' Roger Ver Arrested in Spain, Former Binance CEO CZ Sentenced to Months in Prison, XRP Advocate Exposes Key SEC Weakness: Crypto News Digest by U.Today'Bitcoin Jesus' Roger Ver Arrested in Spain, Former Binance CEO CZ Sentenced to Months in Prison, XRP Advocate Exposes Key SEC Weakness: Crypto News Digest by U.Today
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