I have been following, somewhat loosely the Federal Reserve Chairman Powell's congressional testimony.
I know the market was not good yesterday for cryptocurrency as Mr. Powell had been pretty firm on the intent of the Federal Reserve to increase rates pretty significantly the next time rates will be adjusted. At least this is what I was reading was reported. Sometimes the fear based reporting is frustrating. In his Senate testimony on Tuesday Mr. Powell stated:
"The data from January on employment, consumer spending, manufacturing production and inflation have partly reversed the softening [inflation] trends."
This is not scary, it is just honest. The fed has been clear they are working to get inflation down, and numbers in January did not necessarily help the inflation rate from receding.
However, today in his congressional testimony he stated no decision has been made regarding the rate hike. Either way, in the long run the process or lowering inflation is going to take time. I am looking forward to the economy to improve and the cryptocurrency market to improve as well.
I still believe in the long run the market is going to make people money. I just hope I own some cryptocurrencies that will survive then thrive.
