All eyes are on Fed Chairman Jerome Powell on Bitcoin and altcoins

Selling pressure due to the tariffs announced by President Donald Trump continues to be in effect across the global market and the crypto market. At this time, while the FED is expected to cut interest rates to recover from the ongoing negative headwinds, all attention is focused on the statement of FED Chairman Jerome Powell today. Powell will speak at 18:25 GMT. What can be expected? After the FED kept interest rates unchanged at 4.25%-4.5% in March, citing the current economic uncertainty, Powell is expected to make important statements regarding the economic outlook and announce the next interest rate decision in his speech. After Trump announced tariffs on 185 countries, including China, the United States has increased concerns that inflationary pressures will continue in the country. Analysts believe that the FED will face difficulties in the context of the dilemma between inflation and recession. At this time, analysts believe that the importance of Powell's speech has increased and they expect the clues that Powell provides will impact the direction of both the global market and the crypto market. While the market expects the FED to implement four rate cuts in 2025, the chance of a rate cut in June is 83%. Citi analysts stated that they expect the Fed to have a positive outlook on further easing, even as higher tariffs continue for at least the next few months, which will significantly increase inflation. Citi analysts said: "Ultimately, we expect authorities to maintain a dovish stance and cut interest rates by 125 basis points this year despite the current tax levels." What do FED officials think? According to statements from FED officials, FED Vice Chairman Philip Jefferson stated that the FED will act depending on the developments of inflation and the labor market. Accordingly, the FED may continue the current tightening policy for a longer period or may ease the policy. Jefferson added that he expects the labor market to ease slightly this year. Fed member Lisa Cook said uncertainty over tariffs between the U.S. and other countries could cause the economy to weaken. Cook said the diminution of economic uncertainty in the United States and falling inflation will make it easier to cut interest rates.