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Now, after last week's sizzling US jobs report sparked fears of a return of aggressive interest rate hikes from the Federal ReserveFed Chairman Jerome Powell is giving a speech tomorrow where he can give a wake-up call to the bitcoin, ethereum, crypto and stock markets.
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The bitcoin price could come under pressure after concerns about the aggressive action of the Federal Reserve in ... [+]
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“Bitcoin continues to lose momentum after the stronger-than-expected January jobs report forced the market to brace for two more rate hikes,” Yuya Hasegawa, a Tokyo-based crypto analyst at Bitbank, said in a statement. comments sent by email.
Friday's nonfarm payroll report showed the US added just over 500,000 jobs in January, blowing an estimate of fewer than 200,000 out of the water. Earlier in the week, Powell announced an interest rate hike of a quarter of a percentage point, the eighth consecutive increase but the smallest increase since March, warning that "the job" of tackling inflation "isn't there." quite over."
However, Powell's comments were taken by the market as more dovish than expected, sending Bitcoin, Ethereum, Crypto, and stocks higher.
The jobs report "was an incredible surprise and raises a lot of questions about what the Fed is going to do next," Kristina Hooper, Invesco's chief global market strategist, said. said Reuters. "What I think is causing some of the volatility is markets trying to make sense of how the Fed will perceive this."
Tomorrow, Powell will give a speech that will be closely watched for signs that he has turned aggressive in the face of a booming job market. Also speaking on Wednesday will be the President of the Federal Reserve Bank of New York, John Williams.
"Given last week's failure to completely remove the bullish rate outlook from the market, Fed members will likely continue to remind the market that the fed funds rate will rise above 5% and stay there for year-round," Hasegawa added.
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Expectations that the Fed could be about to move to looser monetary policy have boosted bitcoin ... [+]
Forbes Digital Assets
Although last week's surprisingly strong jobs data raised fears of aggressive action from the Federal Reserve, some think the better-than-expected numbers could simply be "seasonal noise."
"The huge 517,000 increase in total employment was almost certainly a function of seasonal noise and traditional turnover in the job and pay environment earlier in the year and overstates what is already a strong trend in hiring," said Joe Brusuelas. , chief economist at consultancy RSM US. in a customer note seen by political.
