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Fed Comments Spook Market

Powell's comments put markets on edge, but crypto still ended the week up slightly.

Jack Inabinet
Feb 3, 2024 • 2 min read

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TradFi indices reached for new all-time highs as the total crypto market cap continued to hammer against $1.6T weekly resistance. What big event impacted markets this week?

Markets sold off on Wednesday’s FOMC press conference after Federal Reserve Chair Jerome Powell proclaimed that rate cuts were “unlikely” to occur by March, an event that the market had been pricing in, and reiterated that we had not yet achieved a soft landing, stating that the fight against inflation has a ways to go.

SUMMARY OF FED CHAIR POWELL Q&A (1/31/24):

1. There was no proposal to cut rates at this meeting

2. "I would not say we have achieved a soft landing yet"

3. "Don't think it's likely" that rate cuts start in March

4. It will take a couple of years for wages to normalize

5.…

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Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.