The Federal Reserve Chair Jerome Powell announced further key interest rate cuts to stimulate economic growth and increase employment, according to WSJ.
While the U.S. economy faces challenges, Powell emphasized that the overall situation remains stable, projecting cautious optimism for the future. Two rate cuts of 25 basis points each are expected in 2024.
The Fed’s monetary easing started on September 18, with a rate reduction to a range of 4.75-5%, marking the first cut since March 2020. The crypto market reacted positively, particularly benefiting assets like Bitcoin and Ethereum.