Bullard: Fed 'not eager to cut rates' BTC briefly fell below $95,000, highlights of the hearing quick view

Federal Reserve Chairman Powell went to Congress as scheduled on the evening of February 11, Taiwan time, to attend the Senate Banking Committee hearing and deliver a semi-annual coin policy testimony (at the same time tonight, he will also report to the House Financial Services Committee). The following is a summary of Powell's testimony for readers. What did Powell say at the hearing? 1. The Federal Reserve is not in a hurry to cut interest rates Powell first reported on the Federal Reserve's interest rate path, stating that due to the current strong performance of the US economy, the Federal Reserve is not in a hurry to continue cutting interest rates. Powell also explained that last year's series of interest rate cuts were entirely necessary adjustments to the Federal Reserve's policy stance in response to changes in inflation and labor market performance. Looking ahead, Powell stated that if the inflation rate does not continue to decline to the target level and the economy remains stable, the Federal Reserve may maintain the interest rate unchanged for a longer period of time; conversely, if the labor market unexpectedly weakens or the inflation rate falls faster than expected to the 2% target, the Federal Reserve may take action to cut interest rates. 2. The overall performance of the US economy is strong, the labor market is stable, and the inflation rate is close to 2% Powell cited recent economic data to point out that the US economic activity is still expanding at a steady pace, and the GDP has been strong overall throughout the year; a series of indicators also show that the current labor market situation in the US is generally balanced, and the labor market is not the main source of inflation pressure. The US inflation rate is close to the 2% target, slightly higher, and the current policy is prepared for risks and uncertainties, that is, if the economy continues to be strong and inflation approaches the 2% target, the policy will be cautious for a long time; if the labor market unexpectedly weakens or the inflation declines more than expected, the policy can be moderately relaxed. 3. Other viewpoints Powell stated that he is committed to ending bank de-risking, promising to avoid excessive burden on banks; Regarding Trump's tariff policy, Powell stated that the Federal Reserve should not comment, but he insisted on his previous view, that countries that engage in free trade have a faster economic growth; Powell emphasized that according to the law, the US president cannot dismiss Federal Reserve Board members; Powell pointed out that the balance sheet is still shrinking, but when market conditions slightly exceed 'adequate', the Federal Reserve will stop shrinking the balance sheet; It is worth mentioning that Powell also mentioned the stablecoin regulatory aspect, stating his support for establishing a regulatory framework around stablecoin. Analysts: Powell's speech is hawkish For Powell's remarks, institutions evaluate Powell's remarks as slightly hawkish through their Federal Reserve sentiment model. Analysts pointed out that Powell's remarks suggest that the Federal Reserve may continue to stand still in the next few meetings: Given this background, the current CME FedWatch tool shows that the market expects the Federal Reserve to continue to maintain the interest rate unchanged at the March 19 meeting, with a probability of continuing to rise, reaching 95.5%; the probability of a 1-point rate cut is only 4.5%. BTC once fell below $95,000 With Powell's cautious stance and the market's expectation that the interest rate will remain unchanged, BTC began to oscillate and fell below $95,000 after 23:00 last night. At around 3:30 in the morning, the lowest point fell below $95,000. At the time of writing, it was $95,962, with a decrease of 1.92% in nearly 24 hours. In addition, the performance of US stocks on the 11th was mixed: The Dow Jones Industrial Average rose 0.28% to 23,123.24 points, closing at 44,593.65 points The Nasdaq fell 0.36% to 70.41 points, closing at 19,643.86 points The S&P 500 rose 0.03% to 12.06 points, closing at 6,068.50 points The Philadelphia Semiconductor Index fell 0.05% to 12.7 points, closing at 5,079.97 points. Related reports: The Federal Reserve stops cutting interest rates? Fed officials shout 'strong employment, inflation close to 2%' has reached neutral interest rates President Trump demands the Federal Reserve to cut interest rates immediately: I understand interest rates better than Powell! U.S. bond yields fall, the Fed's interest rate cut expectations are limited, U.S. stocks fall, Trump's inauguration is imminent... How do analysts view the future of BTC? <Powell is hawkish: The Federal Reserve is 'not in a hurry to cut interest rates' BTC once fell below $95,000, a quick overview of the hearing> This article was first published in BlockTempo, the most influential blockchain news media in the dynamic area.