Federal Reserve Chair Jerome Powell has announced that he will continue to serve on the central bank's board as Governor after his term concludes in May. 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 compelled him to remain in his position despite his initial intention to adopt a lower profile. Powell emphasized that the attacks on the institution undermine its ability to implement monetary policy without being swayed by political considerations. The decision to keep interest rates unchanged was expected, but the dissent from three Governors was notable, according to macro analyst Matt Mena.
The Fed's decision had a significant impact on risk assets, with bitcoin slipping below the $75,000 support level. Market focus has now shifted to potential policy changes, with analyst Matt Mena suggesting that markets may begin to anticipate a pivot favoring rate cuts and the passage of the CLARITY Act, which could potentially pave the way for bitcoin to reach $85,000-$90,000.