Stocks, precious metals, and cryptocurrencies are Federal Reserve Chairman Jerome Powell delivered a speech Wednesday at the Brookings Institution in Washington. The crypto economy rose 3.11% to $860 billion, while the top four stock indices rose 2% to 5% on Nov. 30.
Equity, crypto and precious metals markets greenbacked following Powell’s speech at the Brookings Institution
US Central Bank Chief Jerome Powell on the last day of November
18} provided the ‘Progress Report on the Federal Open Market Committee’s (FOMC) Efforts’. The Fed Chairman’s speech at the Brookings Institution in Washington hinted at the possibility of a smaller rate hike starting in December.
“It makes sense to moderate the pace of rate hikes as we approach levels of containment sufficient to bring inflation down,” Powell said. “The time to slow down the pace of rate hikes could come as early as the December meeting,” he said.
After Powell’s speech, stock markets surged, followed by cryptocurrencies and precious metals. According to New York spot market prices, 0.999 troy ounces of pure gold rose 1.15% over the past 24 hours, while 1 ounce of pure silver rose 4.45%. Gold is currently trading at $1,770 per ounce while silver is trading at $22.27 per ounce.
Gold his bug and economist Peter Schiff added he added two cents on Powell’s commentary on Wednesday afternoon. “Investors are no longer buying what Powell is selling,” Schiff said on Twitter. Schiff said it would be “not just an economic collapse, but another financial crisis.” has also risen. The Nasdaq, Dow Jones, S&P 500, and NYSE all rose between 2% and nearly 5% against the US dollar. Equity investors believe Fed Chairman Powell will calm down with a big rate hike after his comments at the Brookings Institution.
But Chairman Powell’s statement points to the need to maintain restrictive policies for a considerable period of time. “Restoring price stability is likely to require maintaining policy at restrictive levels for some time,” Powell said. History warns strongly: We will keep our course until the job is done,” the Fed chairman added. Cryptocurrencies also benefited after Powell’s speech as the overall crypto economy rose 3.11% against the US dollar on Wednesday afternoon. Bitcoin (BTC) surpassed $17,000 per unit zone, up 3.43% against the dollar. Ethereum (ETH) rose 5.66% on Wednesday, approaching the $1,300 per unit range.
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