Bitcoin Little-Changed Above $57K as Fed Chair Powell Testifies to Congress

Bitcoin Little-Changed Above $57K as Fed Chair Powell Testifies to Congress


The Fed Chair acknowledged a softer labor market has gotten his attention, but reminded that inflation remains too high. Bitcoin bounced higher, but quickly gave back any gains.

The chances of a September rate cut edged just so slightly higher on Tuesday as U.S. Federal Reserve Chairman Jerome Powell said elevated inflation is not the only risk faced by the economy.

“Reducing policy restraint too late or too little could unduly weaken economic activity and employment,” said Powell in prepared remarks for his Humphrey-Hawkins testimony in front of a Senate committee. In the question and answer session that followed, Powell furthered those thoughts, saying

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