Bitcoin jumped $700, moving above $23,600 as Federal Reserve Chairman Jay Powell suggested the U.S. Federal Reserve is seeing signs of waning inflation.
Prior to Powell speaking, the FOMC – as expected – lifted its benchmark interest rate by 25 basis points to a new range of 4.5%-4.75%, the highest level in 15 years. In its policy statement, the central bank said “ongoing increases” in borrowing costs will be necessary to further cool inflation.
Further along in the press conference, however, Powell said, “[the] disinflationary process has started.” Those words sent bitcoin and traditional equity markets sharply higher.
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