Fed Chair Signals Further Rate Cuts

The Chairman of the United States Federal Reserve (Fed), Jerome Powell, has signaled further reductions in the key interest rate to stimulate economic growth and boost employment, reports WSJ.

According to the senior official, despite current economic challenges, the overall situation in the country remains stable and inspires cautious optimism regarding future prospects.

He noted that a sharp change in the rate, as seen previously, is not required. Powell indicated that in 2024, two reductions of 25 basis points each are possible.

On September 18, the Fed adjusted the range of the key interest rate to 4.75–5% per annum. This reduction was the first since March 2020.

The cryptocurrency market reacted positively to the easing of monetary policy in the US.

Earlier, experts at FalconX highlighted the benefits of the key rate reduction for Ethereum.