Federal Reserve Chairman Jerome Powell has announced that he will continue to serve on the central bank's board as a Governor after his term expires in May. This decision was disclosed during a press conference following the Fed's decision to maintain interest rates at 3.5%-3.75%. Powell expressed concerns about the potential impact of ongoing legal challenges on the institution, stating that these pressures have forced him to reconsider his initial plan to step down and instead maintain a low profile.
"I am worried that these attacks are undermining the institution and jeopardizing its ability to implement monetary policy without political interference," Powell stated. The decision to keep interest rates steady was widely anticipated, but the dissenting opinions from three Governors drew attention, according to macro analyst Matt Mena. The Fed's cautious stance has resulted in a decline in risk assets, with bitcoin prices slipping below the $75,000 support level as traders prepare for a potential retest of the $73,000 level. Looking ahead, markets are focusing on potential policy changes, with Mena suggesting that the possibility of rate cuts and the passage of the CLARITY Act could lead to a shift in momentum and potentially drive bitcoin prices towards the $85,000-$90,000 range.