All Eyes on Bitcoin (BTC) Turned to FED Chairman Powell! What time will he speak? Here are the Details…

While investors were wondering whether the rise in Bitcoin, which rose above $ 30,000 even after fake news, would continue, all eyes turned to the speech by FED chairman Jerome Powell.

Powell will give an important speech today at the Economic Club of New York and his speech will start at 19.00 GMT.

The statements of FED Chairman Powell, who will speak for the last time before the FOMC, will be very important for the markets.

At this point, the FED is expected to announce its next interest rate decision on November 1, 2023 at 21:00 CET.

In his speech, Powell is expected to reiterate that they are determined to reduce inflation and will continue to make progress based on data.

Moreover, while the markets largely expect the FED to keep interest rates constant in its next decision, what Powell will say will be of great importance for the confirmation of this situation.

At this point, Powell’s speech will also give clues as to whether the FED will keep the door open for an interest rate increase.

Speaking to CNBC, Wilmington Trust’s chief economist Luke Tilley stated that he expects Powell’s messages to be divided into three parts and said:

“I expect Powell to continue to say that high inflation is a risk and that they should always be vigilant and act based on data.

I actually expect Powell’s messages to be divided into three parts.

In my opinion, the first of these is that the FED needed to raise interest rates quickly, and it did.

The second is that, as part of the current debate, interest rates need to find a peak level, and the third is how long rates need to stay this high for inflation to return to the 2% target.

The ultimate goal of the FED is to reduce inflation by keeping financial conditions tight. “Even if Powell is dovish at the meeting in November where he will announce the next interest rate decision, he will shift his hawkish stance to the third question about how much higher interest rates should be kept.”

As it is known, the FED interest rate decision and FED Chairman Powell’s speech have a great impact on Bitcoin and cryptocurrencies. Because there may be sharp and sudden movements in BTC and cryptocurrencies during Powell’s speech.

*This is not investment advice.