"Powell stated that monetary tools have no meaningful effect on supply shocks, indicating that the Fed cannot address the inflation problem caused by oil prices exceeding $100."
"The March Jobs Report could be pivotal for Bitcoin, especially if it reflects continued job losses, which may alter rate cut expectations significantly."
Bitcoin has been trading between $65,000 and $75,000 since early February. Two upcoming events may influence its price. Jerome Powell's speech on March 30 indicated no imminent rate cuts, emphasizing the Fed's inability to address oil-driven inflation. The March Jobs Report on April 3 could shift expectations if job losses continue. Powell's unscripted remarks confirmed that the Fed's policy rate is stable, and monetary tools cannot effectively address supply shocks, particularly those related to oil prices and geopolitical tensions.
Read at 24/7 Wall St.
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