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Welcome to billboard crypto my name is Ben uh today we're going to be talking About uh what happened uh in the Senate Hearings today uh with Jerome Powell as We said on this couch that's right we Have a couch in the studio you guys know What that means it's a place I can take A nap Uh but the fact is guys is drone Powell Met with the Senate bank finance Committee today uh from what I Understand he got absolutely hammered by Several members Um of the uh the committee And he was really pressed a lot of times Which is good because in my opinion he Needs to feel uh some pressure he needs To feel some heat he needs to have some Accountability for creating this mess That we're in uh printing money at will Ain't gonna be the ticket Bud like That's gonna only hurt us over the long Term uh which you know they're gonna go Back to it at some point pretty soon I Think by the end of this year they'll Turn the money printer back on but maybe Not maybe maybe the economy is a little Bit worse than um you know I gave a Credit for I not willing to say that for Sure at this point but I'm open you know Nothing's guaranteed I thought the worst Of it over you know I thought the worst Of it was probably over I don't know maybe there's some more bad
Stuff coming I don't think Bitcoin is Going to bottom I think bitcoin's Already bottomed uh even if the larger Economy does uh Take a Tumble and take a Hit I think Bitcoin Is stable at this point above 15 000 um You know hovering at 22 2 or 223 right Now could go back down to 18 or 19 but I Don't think we'll see it Go lower than That uh so the the point is what did he Say today that was so pivotal that made Bitcoin absolutely dump plummet wait Down scam Wick whatever you want to call It well basically he said That the overall here's the only change In his language He said the overall Height of interest rates may have to be Higher than previously thought now what Does that mean I think he said he wanted It uh you know four and a half to five Percent I think before is what they were Pushing for uh I don't think we're going To get anything drastic here okay now if The CPI numbers come out next month and They're insane you know we'll see what Happens or later this month whenever They come out if they're really bad if They reversed or going the other way Dramatically then you know in Unemployment it's still going uh going Down or staying stable and we're not Seeing the unemployment rise which is What Jerome Powell's trying to force uh
Then maybe we might see some you know Bigger moves down the road this year But I think he's probably going to still Stick to the 0.25 the 25-bip raise uh The 2.25 percent raise if you will Per fed meeting now It was previously thought that there Were only going to be two this year two More two more 0.25 percent raises so What he basically alluded to today is That we may get more of those raises Throughout the year now look it's not Going to be dramatic I don't think it's Going to go to six and a half or seven Percent I think if the target's five Percent or maybe it's four and a half Four and a half to five percent I I Don't remember everything I talk about Guys if you didn't know that Um the fact is Is that it's probably only going to be Maybe an additional two raises maybe an Additional percent at the most like Maybe it goes to six percent I couldn't Possibly stand and go in above six and a Half percent however despite all of that The fact is right now the betting odds Are still 70 percent that we get a 0.25 raise at The next fed meeting there's a 30 Percent chance the 30 odds that it is Going to be a point five percent raise Or a 50 bip raise now in the history of This uh uh in the history in the recent
History of interest rate uh hikes what We've seen is every single month since January of last year when there's been a Fed meaning the odds on betting favorite For the most likely uh amount of the Raise has won whatever the betting odds Were whatever the favor was didn't Matter if it was 60 or 90 or 80 or Whatever or 70 in this case The one with the best odds was chosen Every single time Um and so the people that are betting on A higher raise are Most likely going to lose they've lost For I guess you know I mean I don't know How many raises we've actually done but They've been losing since January of Last year so I guess you could say for 14 months um you know that they've been Losing so in my opinion I think we're Going to stick with that history until It changes we're probably gonna get a 0.25 bit race That it's not going to be dramatic and You're going to hear a lot of people Panicking over the next couple weeks as That decision gets closer and closer be Made but overall guys I just I just Don't think there's a lot to worry about Right now you have to remember they're Trying to maintain a balance and a Semblance of normalcy in the economy for The elections next year and that factors In a gigantic amount so I think Jerome
Powell will always choose to Kick the Can down the road I'm waiting for that Two percent uh inflation rate on Goods That could be a checkered Finish Line if We were to get there even though on Other areas like services and housing It's still up a lot higher two percent Is the goal that's where they want two Percent inflation but Will they smoke and mirror that to Basically twist and contort something to Like see here it is we got two percent Now let's print some more money Jerome Jerome Powell the uh the friendly The friendly money printing Christmas Elf That's all right guys be blessed way out
