Bitcoin Soars to Six-Week High Ahead of Fed Presidents’ Speeches By Investing.com

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Bitcoin Soars to Six-Week High Ahead of Fed Presidents’ Speeches

Published Oct 02, 2023 02:15PM ET

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Bitcoin Soars to Six-Week High Ahead of Fed Presidents’ Speeches

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Bitcoin reached a six-week high of $28,210 on Monday, amidst anticipation of speeches from Federal Reserve Chair Jerome Powell and Philadelphia Fed President Patrick. The crypto market is closely watching for potential signs of rate hikes before the Federal Open Market Committee (FOMC) meeting in November.

Despite Powell's previously hawkish stance, the Federal Reserve maintained rates at 5.25-5.5% in September. His remarks today, scheduled for 15:00 UTC, could trigger market volatility as investors look for clues about the central bank's future monetary policy.

The Federal Reserve has already made strides in tackling inflation, but the impacts of its tightening measures have yet to be felt in the market. Decisions on interest rate hikes will be based on data and risk assessments, with the possibility of further increases if deemed appropriate.

The FOMC has clarified that decisions will be made on a meeting-by-meeting basis, indicating that each gathering will have significant implications for markets. The heightened anticipation for these speeches underscores the crucial role of Fed communication in shaping market expectations and reactions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Comments (1)

Pov Men Oct 02, 2023 3:12PM ET

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