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What Next For Bitcoin?
Bitcoin bulls are currently battling against a case of ‘buy the rumour, sell the news’ on the back of the recent SEC spot-bitcoin ETC approval. Since news of the approvals came through, Bitcoin futures have fallen around 15%, putting the market down around 8% from the 2024 opening price. In all, the combined correction lower across the crypto market has wiped out around $100 billion in longs. However, looking ahead there is plenty of reason to be optimistic on Bitcoin. Firstly, the anticipated easing cycle from the Fed this year should be firmly supportive for Bitcoin and other risk assets. With the Fed widely ... (full story)
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Thank you, David Wessel, and thank you to Brookings for the opportunity to speak to you today. In the second half of 2023, I gave a series of speeches about the apparent conflict between the strength of economic activity in the third quarter and continued progress toward the Federal Open Market Committee's (FOMC) 2 percent inflation goal.1 I said then that "something's got to give"—either activity needs to moderate, or progress on lowering inflation is going to stop. By late November, the latest economic data left me encouraged that there were signs of moderating economic activity in the fourth quarter, but inflation was still too high. As of today, the data has come in even better. Real gross domestic product (GDP) is expected to have grown between 1 and 2 percent in the fourth quarter, unemployment is still below 4 percent, and core personal consumption expenditure (PCE) inflation has been running close to 2 percent for the last 6 months. For a macroeconomist, this is almost as good as it gets. But will it last? Time will tell whether inflation can be sustained on its recent path and allow us to conclude that we have achieved the FOMC's price-stability goal. Time will tell if this can happen while the labor market still performs above expectations. The data we have received the last few months is allowing the Committee to consider cutting the policy rate in 2024. However, concerns about the sustainability of these data trends requires changes in the path of policy to be carefully calibrated and not rushed. In the end, I am feeling more confident that the economy can continue along its current trajectory. Let me start with the data on economic activity that has brought me to this view, and then I'll talk about the labor market, financial conditions, and inflation. I'll conclude with what I think the implications are from all that for monetary policy. First, economic activity has moderated. Af post: Fed governor Chris Waller: Rate cuts are coming into view but the process should be “carefully calibrated and not rushed.” As long as growth is fine, “I see no reason to move as quickly or cut as rapidly” as the Fed has in past cutting cycles. pic.twitter.com/Noyjq02VeM post: *WALLER: NO REASON TO MOVE AS QUICKLY, CUT AS RAPIDLY AS IN PAST *WALLER: FED CAN CUT `THIS YEAR' IF INFLATION DOESN'T REBOUND *FED'S WALLER: WHEN CUTS BEGIN, SHOULD BE METHODICAL AND CAREFUL post: Fed's Waller: Data In Last Few Months Is Allowing Fed To Consider Cutting Policy Rate In 2024 post: FED'S WALLER: THIS VIEW IS CONSISTENT WITH FED POLICYMAKER PROJECTIONS FOR THREE 25-BPS RATE CUTS IN 2024.
The 54th annual gathering of the World Economic Forum begins today in the small Alpine resort town of Davos. The invitation-only meeting brings nearly 2,800 leaders from 120 ...
post: Fed’s Waller: Strong Economy Gives Fed The Flexibility To Move Methodically On Cuts - Timing Of Cuts Will Be Up To Deliberations Of The FOMC - Fed Is Very Aware Of The Risk Of Overtightening post: FED'S WALLER Q&A/BROOKINGS: REROUTING SHIPPING AWAY FROM RED SEA SHOULDN'T HAVE BIG EFFECT ON INFLATION; JUST ALTERNATE ROUTE #Waller #FederalReserve post: FED'S WALLER: 4% WAGE GROWTH IS A LITTLE HIGH, BUT NOT BY MUCH.
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- Posted: Jan 16, 2024 10:28am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 204