Federal Reserve Meeting: Highlights From Jerome Powell’s Speech And Impact On Bitcoin

Quick Summary:

The US stock market and Bitcoin price reached record highs on Thursday following the Federal Reserve meeting and it’s decision to cut interest rates and Fed Chair Jerome Powell’s reassuring press conference, where he dismissed concerns about his potential resignation following Donald Trump’s election.

Powell recognized solid economic expansion- a 2.8% GDP gain in Q2 and strong consumer confidence- but dismissed weak October employment data as the transient impact of strikes and hurricanes.

US Treasury yields declined, with the 10-year yield ten basis points lower at 4.33%, and the U.S.dollar was 0.7% weaker.Gold rose, climbing 1.8%, and Bitcoin jumped by 1%, reaching an all-time high of $76,990.

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Author / Journalist: Teuta Franjkovic

Category: Crypto

Markets: India

Topics: Federal Reserve Bitcoin News Jerome H. Powell Bitcoin 24/7 Cryptocurrency News

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-08 @ 15:08:45 (10 hours ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 798 words

Reading Time: 5 minutes read

Sentences: 46 lines

Sentence Length: 18 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinGape

News ID: 23471083

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