Jerome Powell, head of the US Federal Reserve, announced in his speech at the Jackson Hole Symposium that the time has come to cut interest rates. He explained that his confidence in the steady return of inflation to the 2 percent target has increased and that the labor market has shrunk significantly from its previous hot and hot state. Powell stressed that the Federal Reserve does not want to reduce activity or demand better conditions in the labor market. These comments sent the price of Bitcoin (BTC) and the stock market soaring. The 10-year Treasury rate fell and the US dollar index also fell. The possibility of a 50 basis point rate cut at the September meeting has increased. Experts believe that a combination of interest rate cuts, improving political sentiment toward digital currencies, and digital exchange-traded funds (ETFs) inflows into the United States could support a return of Bitcoin prices to historic levels.
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