Fed Governor's Speech Boosts Bitcoin by 2% as Rate Hike Pause Looms

According to Coincu, Federal Reserve Governor Christopher Waller expressed optimism about the current trajectory of the US economy in a speech in Washington, DC. Waller cited recent data that indicates a slowdown in economic activity and a moderation in inflation. Previously a vocal proponent of rate hikes, Waller now suggests that the Federal Reserve's current policy is moving in the right direction, stating he is 'increasingly confident that policy is currently well-positioned to slow the economy and get inflation back to 2%.' As the third-most hawkish member of the Federal Open Market Committee (FOMC), Waller's more dovish stance is noteworthy and suggests a consensus within the central bank to extend a pause in rate increases, possibly into early next year. Following Waller's speech, Bitcoin experienced a rally of more than 2%, trading at $38,000 at the time of reporting. This indicates that Waller's remarks have influenced not only traditional financial markets but also the cryptocurrency space. The combination of Waller's confidence in the current policy direction and the positive market response highlights the significance of the Federal Reserve's ongoing efforts to manage economic growth and inflation in a challenging economic landscape.