As Fed Holds 0% Interest, Bitcoin Wins

During today’s Federal Open Market Committee (FOMC) press conference, Chair of the Federal Reserve Jerome Powell maintained that the Fed will keep its fund rate unchanged at 0.00% to 0.25%.

Powell also confirmed that the Fed will maintain the current pace of balance sheet expansion with the continuation of buying $80 billion of U.S. Treasury bonds and $40 billion of mortgage-backed securities per month. The Fed’s commitment to dovish monetary policy was expected, and the ramifications of continued easy money is extremely bullish for bitcoin, as well as for other asset classes.

During the live stream, the U.S. Dollar Currency Index (DXY) hit session lows, as the promise of continued easy money sent a clear message to investors.

Powell was repeatedly asked throughout the meeting about worries of inflation, and the Fed’s response to rising prices across the economic system. He responded to these worries by calling inflationary pressures “transitory,” and noting that they would not necessitate interest rate rises in 2021.

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