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TimeStamps:
00:00 Fed Raises Rates Another 25 Basis Points
01:36 Jerome Powell Still Hawkish | Fed Meeting Today
03:22 Bitcoin Going Higher Due To *This*
04:00 Jerome Powell – 2023 Interest Rates Forecast
05:18 What Conditions Would Cause The Fed to Pause Rate Hikes?
07:27 Altcoin Daily Coming to Los Angeles & Miami SOON!
07:57 Jerome Powell Sends Message About Debt Ceiling
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Today the fomc raised our policy Interest rate by 25 basis points We continue to anticipate that ongoing Increases will be appropriate in order To attain a stance of monetary policy That is sufficiently restrictive to Return inflation to two percent over Time As of this morning Jerome Powell of the Federal Reserve issued their official Fomc statement sharing with us that they Unanimously chose to raise interest Rates another 25 basis points so this is Where we stand the committee decided to Raise the target range for the federal Funds rate to four and one half to four And three quarters percent and the Committee anticipates that ongoing Increases in the target range will be Appropriate in order to attain a stance Of monetary policy and they triple down On their statement that the committee is Still strongly committed to returning Inflation to its two percent objective By the end of the year so looking at the United States federal funds rate we can See with this latest 0.25 percent Increase we've seen eight consecutive Increases in a row taking us to levels Almost not seen since right before the 08 housing market crash taking a look at The United States inflation rate over The last 25 years and and understanding That yes inflation has started to creep
Back down yet looking actually at Max We're still levels not seen since the 1980s let's talk about what else Jerome Powell said the Q a that followed his Public statements and what this Ultimately means to you and me as crypto Investors in this first clip out of Three listen to Jerome highlight that Yes it's clear the economy is slowing These rate increases don't come without A price yet he finishes by highlighting Some data like unemployment why the Economy can afford to take some more the US economy slowed significantly last Year with real GDP rising at a below Trend pace of one percent Recent indicators point to modest growth Of spending and production this quarter Consumer spending appears to be Expanding at a subdued Pace in part Reflecting tighter Financial conditions Over the past year Activity in the housing sector continues To weaken largely reflecting higher Mortgage rates Higher interest rates and slower output Growth also appear to be weighing on Business fixed investment Despite the slowdown in growth the labor Market remains extremely tight with the Unemployment rate at a 50-year low Job vacancy is still very high and wage Growth elevated Job gains have been robust with
Employment Rising by an average of 247 000 jobs per month over the last three Months Although the pace of job gains has Slowed over the course of the past year And nominal wage growth has shown some Signs of easing the labor market Continues to be out of balance Labor demand substantially exceeds the Supply of available workers And the labor force participation rate Has changed little from a year ago Foreign S well above our longer run goal of two Percent so the rhetoric from Jerome Powell is clearly still hawkish and he's Doubling tripling down that inflation While above six percent needs to finish The year around here Bitcoin after that fed meeting popped up The stock market after that fed meeting Popped up the reason the market reacted Like this is because the FED did what They hinted they were going to do They've been hinting at an increase of 25 basis points and they did what they Said they were going to do that's what The market likes and although we're Still waiting to see if Bitcoin can Cross back above that 200 weekly moving Average this would signify a huge Trend Change looking back again at the federal Funds rate and understanding this this Will be the ultimate Trend change if the
Fad either pauses or eventually pivots Jerome Powell did make clear that they Don't they would never want to end too Early they'd rather go a little more in The aggressive Direction rather than Risk being too easy on inflation it's Very difficult to manage the risk of Doing too little and finding out in 6 or 12 months that we actually were close But didn't get the job done inflation Springs back and we have to go back in And now you really do worry about Expectations getting unanchored and that Kind of thing this is a very difficult Risk to manage whereas uh I you know of Course we have no incentive and no Desire to to over tighten but we you Know if we if we feel like we've gone Too far we can certainly could certain Inflation is coming down faster than we Expect then we have tools that would That would work on that so I I do think That in this situation where we have Still the highest inflation in 40 years You know the job is not fully done So judging from Jerome Powell's words as Well as their official fomc statement This morning expect at least another 0.25 increase next meaning and then Potentially more to follow maybe not as Aggressive as 50 or 75 basis points like We saw all of 2022 but they're not ready To stop they're not ready to Pivot based On the inflation numbers but why not
Just pause a little bit can we halt for Maybe a month and then reevaluate and Then choose to keep going if we need to Later given that and given how much you Did over the last year why do you think Further rate increases are needed why Not stop here and see what transpires in The coming months before raising rates Again So we you know we've raised rates four And a half percentage points and we're Talking about a couple of more rate Hikes to get to that level we think is Appropriately restrictive and why do we Think that's probably necessary we think Because inflation is still running very Hot We're of course taking into account long And variable lags and we're thinking About that Um it really the story we're telling About inflation is in to ourselves and The way we understand it is basically The three things that I've just gone Through a couple times and again we Don't see it affecting the services Sector x x housing yet Um but I mean I think our assessment is That we're not very far from that level Uh we don't know that though we don't Know that so I think we're we're you Know we're living in a world of Significant uncertainty we're trying to Make a fine judgment about how much is
Restrictive enough that's all and we're Gonna you know that's why we're slowing Down to 25 basis points we're going to Be carefully watching the economy and Watching inflation and watching the Progress of the disinflationary process Did you or your colleagues discuss the The conditions for a pause at this Meeting uh this week You know you'll see the minutes will Come out in three weeks and we'll give You a lot of detail I you know we spent A lot of time talking about the path Ahead and uh and the state of the Economy and uh I wouldn't want to start To drive the describe all the details There but that was the sense of the Discussion was really talking quite a Bit about the path Forward Now ultimately we're gonna have a much Clearer picture every month that we get New inflation data in a few weeks when This data comes out let's look at it Let's review it together now I want to Finish with this bonus clip of Jerome Powell asked specifically about the debt Ceiling but if you'll be in the Los Angeles area March 20th through 23rd Come out and see us we'll be moderating A panel and hanging out at an awesome Conference called outer edge La formerly Nftla grab your tickets use code altcoin Daily VIP for 10 off and then of course
If you'll be Miami later this year in May join us at Bitcoin 2023 literally The largest Bitcoin conference in Existence use code altcoin daily for 10 Off both links down below check it out Now is the Fed worried about this Looming debt ceiling I feel like I have to say this there's Only one way forward here and that is For Congress to raise the debt ceilings So that the United States government can Pay all of its obligations when due and Any deviations from that path would be Highly risky and that no one should Assume that the FED can protect the Economy from the consequences of failing To act in a timely manner In terms of our relationship with the Treasury we are their Fiscal Agent and I'm just going to leave it at that are You actively doing any planning of what Might happen in the event that that Would happen I'm I'm just going to leave It at that this is a matter that's to be Resolved between really it's really Congress's job to raise the debt ceiling And I gather their discussions happening But they don't involve us we're not We're not involved in those discussions So
