Atlanta and Minneapolis Fed Presidents gave messages that could affect Bitcoin, SHIB and altcoins in their statements during the day.
FED executives’ critical statements for BTC, SHIB and altcoins
Atlanta Fed chairman Raphael Bostic told Bloomberg on Monday that the Fed’s half-point rate for the next two to three meetings He said he could stick with his hikes and then assess how the economy and inflation are responding before deciding whether further increases are needed. Commenting on the Fed’s half-point increase, which we quoted as Kriptokoin.com, as a “quite aggressive move”, Bostic says that the Fed does not need a larger interest rate hike.
Among the highlights of the statements made during the day; It has been said that the Fed does not need increases of more than 50 basis points and that natural interest rates for the end of 2023 should be between 2-2.5%. The rate policy path outlined by Bostic is in line with that outlined when Fed Chairman Jerome Powell said at a press conference last week that there is support for half-point increases at the next few Fed meetings, but no larger increases.
Investors and many economists think the Fed will be forced into a series of more aggressive rate hikes to rein in decades-long highs. But Bostic says he hopes some supply chain and other factors contributing to the pace of price increases will turn in the Fed’s favour.
Neel Kashkari is confident that inflation can come down, but not without some pain
Answering CNBC’s questions, Minneapolis Fed Chairman Neel Kashkari says he is confident that inflation will return to normal even though it took longer than he expected. Kashkari’s comments came less than a week after the Federal Open Market Committee, which sets the interest rate, increased benchmark rates by half a point. The 50 basis point gain was the largest in 22 years and sets the stage for a series of moves of similar size in the months ahead.
Neel Kashkari also includes the struggle of the American people against inflation in his statements. Stating that supply chain problems will continue in 2023, Kashkari states that efforts are underway to reach the 2% inflation target and he has no doubts about reaching this level again.
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