On the last day of November, US central bank chief Jerome Powell presented a report on the Federal Open Market Committee’s efforts to “hint at the possibility of a smaller rate hike in December” in a speech by the Fed chair at the Brookings Institution in Washington. Expressed his intention to increase it.
Powell said, “that it makes sense to reduce the pace of their rate hikes because they are trying to moderate any space or any series of actions and try to bring down inflation and the pace of rate hikes at the December meeting.” The time to cut or his decision may be coming. Markets rallied after his speech, and cryptocurrencies and other precious metals followed closely. According to the New York spot market price, .999 pure gold sold for one piece in the last 24 hours. The troy ounce jumped 1.15% higher, while the silver one ounce gained 4.45%.Gold is currently trading at $1,770 an ounce and the silver swaps at $22.27 an ounce.
Two statements were added to his remarks on Wednesday by the gold bug and economist, Peter Schiff, who said that investors are no longer buying what Powell is selling.” His remarks would not only cause the economy to crash but It would be a financial crisis in which the economist said.
All four major stock indices also gained on Wednesday afternoon following Powell’s speech. The Nasdaq, Dow Jones, S&P 500 and NYSE were all up 2% and 5% higher against the US dollar. Following his remarks at the Brookings Institution, analysts said Powell made significant plans to compromise on rate hikes, although his statements noted the need to maintain accommodative policy for some time and suggested that there was a possibility. This position will remain for some time to restore price stability i.e. restrictive policy while history warns against premature policy and says that he i.e. Fed chairman will keep his promises until the job is done. And stick to your intentions.
Cryptocurrencies also gained after Powell’s speech as the entire crypto economy gained 3.11% against the US Dollar on Wednesday afternoon. Bitcoin (BTC) climbed above the $17K per unit area, rising 3.43% against the greenback. Ethereum (ETH) gained 5.66% on Wednesday to move closer to the $1,300 per unit range.
