According to Jay Powell, U.S. Federal Reserve Chairman, in a meeting with David Rubenstein, co-founder of the Carlyle Group, it will be some time before the Fed is ready to claim success in its battle against increasing price levels.
Rubenstein wasted little time in the interview, immediately questioning whether the Fed’s decision to raise its benchmark Federal Funds rate by 25 basis points two days before might have been altered by last Friday’s employment data (517,000 jobs gained). Powell said that the news was unlikely to have made a difference.
Powell’s press conference after last week’s meeting was remarkable for sending both conventional markets and bitcoin (BTC) substantially higher when he said that the “disinflationary process has begun.” He maintained this stance on Tuesday afternoon but highlighted that the process is only beginning and that further rate rises would be required.
Overall, Powell’s statements are difficult to interpret as dovish, but markets may have anticipated a more hawkish slant given that this was the Fed chair’s first opportunity to speak publicly since Friday’s employment data.
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