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Federal Reserve governor Christopher Waller has detailed he is ready to get behind 50 bps rate hikes until the extreme inflationary pressures plaguing the U.S. economy subsides. Waller stressed that until inflation is reduced he doesn’t “see the point of stopping” 50 bps rate hikes. Furthermore, statistics from the U.S.
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"The Fed's response to COVID increased the money supply by over 40%, directly providing stimulus checks and indirectly growing capital reserves through quantitative easing," IntoTheBlock's research head Lucas Outumuro said. "Now that the 'money printer' is expected to slow down, markets have been anticipating a hangover from the excessive stimulus
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This is the last time that Powell is scheduled to deliver public remarks before Federal Reserve officials go into the FOMC blackout period before their two-day meeting on May 4. During these blackout periods, the officials are supposed to refrain from making comments on the economy or interest rates. Source
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Allianz Chief Economic Advisor Mohamed El-Erian says that the Federal Reserve’s response to inflation will cause the prices of cryptocurrencies, like bitcoin, to “go higher.” He noted: “That’s what you get when you’ve waited too long to recognize what inflation is and to take action.” Predictions by Allianz’s Chief Economist Economist Mohamed
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“Given that the recovery has been considerably stronger and faster than in the previous cycle, I expect the balance sheet to shrink considerably more rapidly than in the previous recovery, with significantly larger caps and a much shorter period to phase in the maximum caps compared with 2017-19,” Brainard said. Source
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Bitcoin traders were monitoring the PCE Price index for signs of whether price increases are accelerating. Original Source
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Therefore, risk assets, including bitcoin, are likely to take cues from the central bank's language on inflation and the recent tightening of financial conditions, which could signal willingness to pursue aggressive series of rate hikes in the coming months. Source
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"Our assumption is that the updraft in commodity prices will diminish into mid-year, and base effects will finally allow an emerging downtrend in the year-over-year inflation metrics," Englund told CoinDesk in an email. "This should diminish pressure on the Fed to address inflation, and should allow for quarter-point hikes at
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Lael Brainard, a member of the Federal Reserve’s Board of Governors, encouraged the United States to be a leader in research and policy regarding central bank digital currencies, or CBDCs, due to potential international developments.In remarks prepared for the U.S Monetary Policy Forum in New York on Friday, Brainard said
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“I anticipate that we are to see some slowdown in” the pace of Fed monetary-policy tightening, said Edward Moya, senior market analyst at the foreign-exchange brokerage Oanda. “If there’s some cracks in the economy and the Fed goes slower, that is going to provide a spark here for bitcoin.” Source
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