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TimeStamps:
00:00 Crypto News Today
00:58 Jerome Powell Reacts to NEW Strong Jobs Report
03:00 *THIS* Just Pumped Bitcoin
03:35 Jerome Powell Prediction for NEXT MONTH
04:36 Why Not End The Year w/ 3% Inflation Goal Instead of 2%?
06:05 How Likely is a Recession in 2023?
07:25 Jerome Powell Speech SUMMATION
08:42 Jerome Powell Salary?
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We want to be transparent we're not Looking to surprise markets with these Decisions okay if you hold crypto pay Attention Jerome Powell today just made some Pretty bold statements on the future of This economy in 2023 from his point of View as chairman of the FED now I watch This whole thing so you don't have to Again I watched this whole thing like Always so you don't have to so let me Share with you five Clips on what you Need to know as a crypto investor in This first clip Jerome Powell is asked Point Blank since your last rate Increase by 25 basis points which Literally just happened last week since Then like subscribers of this channel Know the unemployment numbers right now Are at a 53-year low it is sort of crazy That the federal funds rate the interest Rate is being pushed so high so fast by The FED yet the numbers tell us that We're not seeing layoffs in fact they're Telling us we're seeing the opposite in This first 90 second clip Jerome Powell Responds to if you would have known that The labor market numbers were going to Be so strong would you have raised more Than just 25 basis points you made a Speech last week commenting on the Fomc's decision to raise the FED Discount rate by Um a small amount relatively speaking 25
Basis points some people would say that Was small but at the time it wasn't Clear that the jobs report would be as Strong as it turned out to be Subsequently Had you known that the jobs report was Going to be as strong Would you have done 25 basis points or Something different David thank you for that question and Thank you Thank you for inviting me here today It's great to be here uh so we don't get To play it that way unfortunately we Have to uh but I'll tell I'll take it This way so the message we were sending At the fomc meeting last Wednesday was Really that um the disinflationary Process the process of getting inflation Down has begun and it's begun in the Good sector which is about a quarter of Our economy but it has a long way to go These are the very early stages of Disinflation so the services sector Really except for Housing Services Pardon me is not really showing any any Disinflation yet so our message really Was this process is likely to take quite A bit of time it's not going to be we Don't think smooth it's probably going To be bumpy and so we think that we're Going to need to do further rate Increases as we said and we we think That we'll need to hold policy at a
Restrictive level for a period of time Then comes the uh the labor market Report for January And it's very strong it's certainly Stronger than anyone I know expected and So but but I would say we didn't expect It to be this strong but I would say it It kind of shows you why we think that This will be a a process that takes a Significant period of time the the labor Market's extraordinarily strong so Jerome Powell says that yes of course Hindsight is 2020. it's good that we've Started to see the disinflationary Process without impact on labor markets In fact this was bullish for markets Bitcoin Rises to over twenty three Thousand dollars as Jerome Powell Repeats disinflationary process comment Meaning a more dovish Outlook than all Of 2022 saying that we've started to see A shift but then he makes clear that Because the economy the labor markets Etc are so strong this may be a longer Process than anticipated now we have one More jobs report coming next month That'll be before the fed's next meeting If the unemployment numbers remain Trending higher will that equal a higher Set of rate hikes not just another 25 Basis points you know we put we throw These numbers around but the reality is We're going to react to the data so if We continue to get for example strong
Labor market uh reports or higher higher Inflation reports it may well be the Case that we have to do more and raise Height hikes More Than This price 10. so Yes if the unemployment rate continues To Trend lower next month then yes he Could see a future where him and the FED Would then be justified to be able to Push the interest rate even higher now Checking back in on United States Inflation today yes we've started a Trend down which is positive but we're Still still way way way off from the two Percent Target Jerome Powell has stated He needs to see he wants to get to by The end of the year Well my question to You Jerome Powell why push us to two Percent can we not just settle on three Percent by Year's End okay so you've Said your inflation rate target is two Percent Um but why two percent and not three Percent three percent you know could be Tolerable really I mean most for most of Organized history three percent is Considered okay why do you want two Percent so two percent is the global Standard and that is our objective two Percent peace as measured by the the uh Pce index and that's just that's not Something we're looking at changing that Isn't going to change it's that's not Going to change it's not going to change Now but okay so you need to get the two
Percent and your goal to get there is by What period of time would you like to Get there well we say we say that we're Using our tools to get there over time If you look at our forecasts we expect 2023 to be a year of significant Declines in inflation and it's actually Our job to make sure that that's the Case but I would tell you that uh you Know with inflation headline headline uh Pce inflation is running about five Percent this is on a 12-month basis core Is running it at 4.4 my guess is it will Take certainly into not just this year But next year to get down close to Percent okay so two percent is firm That's you're not going to get off that Yes okay so two percent is firm but it Doesn't have to be this year that's new He does Say it'll probably take into 2024 to bring us that low but then of Course the fear is if you keep pushing Rates this high like we've seen over and Over and over again hey fed you tend to Push us into a recession Jerome Powell Responds to this and his stance is Pretty clear that this time's different He doesn't think we'll end up breaking The economy in his opinion and he Explains why most most analysts most Economists would say that to get Inflation down From high levels that we've had if you Look at history there is some softening
In labor market conditions that goes Along with that and that is still you Know very possible and indeed likely Here some softening and labor market Conditions however this cycle is Different from other Cycles because of Where it came from and it's just Confounded all all sorts of attempts to Predict what it would do so it is good That we have seen very strong labor Market but at the same time we're seeing Wages moderating wages are still wage Increases are still very high but wage Increases have come down to a level that Is closer to what would be sustainable Still well above what would be Sustainable with two percent inflation And same thing with inflation inflation Is starting to come down and the labor Market hasn't softened we do expect that It will soften But you know it will do what it will do Our job is to get inflation down to two Percent and preserve maximum employment So all in all of course you would say That this cycle will be different of Course he would say no we're not going To be pushed into recession you make Your own decision on whether you want to Believe him or not as I get more data Every month I will make a video we will Update our opinion but in summation my Takeaway from this whole conversation Today that interviewer certainly was
Asking Powell some tough questions but Powell did not really budge at all on His views once again Powell was just Reiterating what he's been saying for Months of course Bitcoin and markets Popped just a little after this Conference because Powell did take the Labor market questions pretty dovish Which was nice to see I disagree he was Clearly stating that numbers have Changed and he sees potentially higher Rates than normal he was saying a lot Of new things today next month we will Get new data next month we will get a New press conference as this comes out Make sure you click subscribe you do not Want to miss a daily video keeping you Informed by the way make sure you join Us for Bitcoin 2023 awesome conference Ticket prices do increase in three days So make sure you use code altcoin daily For 10 off your ticket link down below See you there Oh what is the salary of the chairman of The Federal Reserve board It's um it's around a hundred and ninety Thousand dollars I believe okay so you Live on 190 000 if you need to sell Something what do you do you have to Clear it for 45 days yes sir that's Right we we've you know too if we have Family expenses that if we have them That exceed my salary then we have to Sell it I think that's a fair salary for
The job or I do yes no okay so today
