Bitcoin Rises to $23.3K as Powell Repeats ‘Disinflationary’ Comment

Bitcoin 11 h    Reading time: ~2 m

While the “disinflationary process” has started, it will take a good deal of time before the U.S. Federal Reserve is ready to declare victory in its fight against rising price levels, said Jay Powell, discussing the economy with Carlyle Group co-founder David Rubenstein.

Rubenstein wasted no time in the interview, leading off by asking if last Friday’s blowout jobs report (517,000 jobs added) might have changed the Fed’s decision two days earlier to hike its benchmark Federal Funds rate by just 25 basis points. Powell said the news wouldn’t have been likely to have made a difference.

Powell’s post-meeting press conference last week was notable for sending both traditional markets and bitcoin (BTC) sharply higher when he said the “disinflationary process has started.” He stuck with that phrase on Tuesday afternoon, but emphasized that the process is only starting and there’s still a long way to go before the central bank is ready to declare victory over inflation. He reiterated that more rate hikes will be necessary.

Bitcoin is ahead by about $300 since the interview began, now trading at $23,300.


Updated: 02/08/2023 — 00:00

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