Federal Reserve Chairman Jerome Powell has confirmed that he will continue serving on the central bank's board of governors after his term expires in May. This announcement came during a press conference following the Fed's decision to maintain interest rates at 3.5%-3.75%.
Powell expressed concerns over ongoing legal challenges and their potential impact on the institution's ability to make policy decisions without political influence. Despite his initial intention to adopt a low profile, Powell stated that he has 'no choice' but to remain in his position due to these external pressures. The decision to hold interest rates steady was widely anticipated, but the dissenting votes from three governors drew attention.
According to macro analyst Matt Mena, the surprise lay in the hawkish tone and the call for a strike against easing guidance, which had a cooling effect on the market. Bitcoin prices slipped below the $75,000 support level as traders prepared for a potential retest of the $73,000 mark.
Looking ahead, focus is shifting towards potential policy changes, with markets potentially pricing in a pivot favoring rate cuts and the passage of the CLARITY Act. If momentum returns, the path to $85,000-$90,000 could become more feasible.