Bitcoin price quickly pushed above the $17,000 level and major US stock indices exploded higher on the heels of some of the most dovish remarks by Fed Chair Jerome Powell in nearly a year.
Don’t Fight The Dovish Fed Tone Change
The quote “don’t fight the Fed” has never been more proven than in recent months, as the hawkish tone the head of the US central bank has sent cryptocurrencies and equities into a bear market.
Bitcoin fell from $69,000 to $15,500 after the Fed revealed its plan to increase interest rates and tame the worst consumer price inflation in over 40 years.
In a speech today at Hutchins Center on Fiscal and Monetary Policy, Brookings Institution, Washington, DC, Fed Chair Jerome Powell revealed the central bank would slow its aggressive rate hikes, beginning as soon as this upcoming December’s meeting.
“It makes sense to moderate the pace of our rate increases as we approach the level of restraint…
