Federal Reserve Chair Jerome Powell has announced that he will continue to serve on the central bank's board as a Governor after his term concludes in May. This decision was revealed during a press conference that followed the Fed's decision to keep interest rates steady at 3.5%-3.75%.
Powell expressed concerns about the ongoing legal challenges facing the central bank, stating that these pressures have forced him to reconsider his initial plan to step down and instead maintain a low profile. Powell emphasized that the relentless attacks on the institution jeopardize its ability to implement monetary policy without being swayed by political considerations. The decision to keep interest rates unchanged was widely anticipated, but the dissent from three Governors was notable.
According to macro analyst Matt Mena, the hawkish tone adopted by the Fed had a significant impact on risk assets, including bitcoin, which slipped below the $75,000 support level. Looking ahead, markets are focusing on potential policy changes, including the possibility of rate cuts and the passage of the CLARITY Act, which could pave the way for a significant increase in bitcoin's value to the $85,000-$90,000 range.