Home | Crypto News | Bitcoin Surges Above $37.7K Following Dovish Remarks From Fed’s Waller

Bitcoin Surges Above $37.7K Following Dovish Remarks From Fed’s Waller

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In an unexpected turn, typically hawkish Federal Reserve Governor Chris Waller commented that rate cuts could be considered if inflation declines. Speaking at an event in Washington, D.C., Waller pointed to recent economic data indicating a slowdown in the economy and a moderation in inflation.

He stated, “Something appears to be giving, and it’s the pace of the economy,” noting that October data and current forecasts for the fourth quarter indicate a relaxation in economic activity. Waller also mentioned that if inflation decreases, a compelling argument exists for rate cuts within a few months.

Waller is ranked as the third-most hawkish member of the Federal Open Market Committee (FOMC) by InTouch Capital Markets, making his dovish stance particularly noteworthy. In response to his comments, the price of Bitcoin (BTC) surged over 1%, reaching $37,700.

Meanwhile, another Fed official, Michelle Bowman, expressed her belief that rates would need to rise to combat inflation in a separate event. These contrasting viewpoints from Fed officials are attracting attention in both traditional markets and cryptocurrency. The 10-year Treasury yield fell by four basis points to 4.35%, the dollar index dropped by 0.4%, and gold advanced by 1.3% to reach $2,038 per ounce at the time of the report.

Jay Solano

Jay Solano

Jay is a crypto and NFT enthusiast dedicated to exploring the dynamic world of digital assets. As a crypto blog writer, he is sharing his knowledge of the latest trends, breakthroughs, and investment opportunities in the blockchain world.

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