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4 Cryptocurrencies to Watch Following Jerome Powell Jackson Hole Update
The post 4 Cryptocurrencies to Watch Following Jerome Powell Jackson Hole Update appeared on BitcoinEthereumNews.com. The current U.S. benchmark rate for massive overnight money market loans from the central bank is in the range of 5.25% and 5.5%. When Powell spoke in Jackson Hole, Wyoming, on Friday, markets expected more signals of a regime of interest rate cutting ahead. Instead, he went a step further and explicitly endorsed rate cuts. In fact, he said it’s not a matter of if there will be cuts but how deep to make them: “The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook and the balance of risks.” How It Could Affect Cryptocurrency Prices Lower interest rates and a rising dollar supply could drive up crypto prices for blockchains with supply-capped token economies. Some digital assets correspond to inventories that have hard all-time supply caps. In a low-interest-rate dollar environment, they can become precious commodities. Tom Porcelli, U.S. chief economist at PGIM Fixed Income, said: “I don’t think that the Fed has to fear inflation. At this point, it’s right that the Fed is now more focused on labor versus inflation. Their policy is calibrated for inflation that is much higher than this.” Moreover, the Bureau of Labor Statistics is releasing a revision of Q1 job growth, showing it was a million jobs lower than the previous estimate. Weaker labor markets, combined with falling consumer prices, give the Fed the opportunity and impetus to make steep cuts when they lower rates. That gives the economy a more abundant flow of cheaper credit to grow its businesses, which is also good for automated Web3 businesses managed by the blockchain. Unlike the U.S. dollar and other central bank currencies, the following four cryptocurrencies have hard supply caps that limit their expansion.…
The post 4 Cryptocurrencies to Watch Following Jerome Powell Jackson Hole Update appeared on BitcoinEthereumNews.com.
The current U.S. benchmark rate for massive overnight money market loans from the central bank is in the range of 5.25% and 5.5%. When Powell spoke in Jackson Hole, Wyoming, on Friday, markets expected more signals of a regime of interest rate cutting ahead. Instead, he went a step further and explicitly endorsed rate cuts. In fact, he said it’s not a matter of if there will be cuts but how deep to make them: “The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook and the balance of risks.” How It Could Affect Cryptocurrency Prices Lower interest rates and a rising dollar supply could drive up crypto prices for blockchains with supply-capped token economies. Some digital assets correspond to inventories that have hard all-time supply caps. In a low-interest-rate dollar environment, they can become precious commodities. Tom Porcelli, U.S. chief economist at PGIM Fixed Income, said: “I don’t think that the Fed has to fear inflation. At this point, it’s right that the Fed is now more focused on labor versus inflation. Their policy is calibrated for inflation that is much higher than this.” Moreover, the Bureau of Labor Statistics is releasing a revision of Q1 job growth, showing it was a million jobs lower than the previous estimate. Weaker labor markets, combined with falling consumer prices, give the Fed the opportunity and impetus to make steep cuts when they lower rates. That gives the economy a more abundant flow of cheaper credit to grow its businesses, which is also good for automated Web3 businesses managed by the blockchain. Unlike the U.S. dollar and other central bank currencies, the following four cryptocurrencies have hard supply caps that limit their expansion.…
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