tl;dr

Federal Reserve Chairman Jerome Powell's testimony before the Senate Banking Committee indicated progress in fighting inflation while maintaining a strong labor market. His remarks sparked speculation about potential interest rate cuts, with implications for Bitcoin's price. Powell's comments, along...

Bitcoin price remains steady as Federal Reserve Chairman Powell discusses progress in fighting inflation and maintaining a strong labor market. Powell's testimony sparks speculation on potential interest rate cuts, impacting Bitcoin's price. Mixed employment data and signs of softening inflation solidify expectations for Fed rate cuts. Fed's focus on stable prices and maximum employment guides potential interest rate adjustments. Fed's efforts to tame inflation through interest rate hikes and potential risks of a recession. Powell cautions on the timing of interest rate cuts and their impact on inflation and economic progress.

Federal Reserve Chairman Jerome Powell's testimony before the Senate Banking Committee indicated progress in fighting inflation while maintaining a strong labor market. His remarks sparked speculation about potential interest rate cuts, with implications for Bitcoin's price. Powell's comments, alongside mixed employment data, have fueled expectations of rate cuts, with a 71% chance of an initial cut in September. The Fed's focus on stable prices and maximum employment reflects a balancing act amid evolving economic conditions and inflation concerns. Powell cautioned against premature rate cuts, emphasizing the need for greater confidence in economic progress. The price of Bitcoin was little changed Tuesday as Federal Reserve Chairman Jerome Powell spoke before Senate lawmakers, highlighting progress in the U.S. central bank’s fight against inflation while trying to preserve a strong labor market. Testifying before the Senate Banking Committee, Powell sidestepped a question on many investors’ minds, which was posed by Rep. John Kennedy (R-LA) in blunt fashion.
“So, when are you going to lower interest rates?” the congressman asked, to which Powell responded, “Today, I’m not going to be sending any signals about the timing of future actions.” Kennedy’s inquiry captured an eagerness among financial market participants for insight into the Fed’s next policy moves. As Bitcoin’s price lingers near a five-month low , some investors have grown anxious toward rate cuts as an event that could eventually bolster crypto prices. Lower interest rates would likely weaken the value of the dollar and support Bitcoin’s price, given that Bitcoin is a competing monetary system, Grayscale Head of Research Zach Pandl told Decrypt in a statement. And Powell’s talk on Tuesday could be viewed as a prepper for that eventual shift, Pandl wrote. During his remarks, Powell highlighted Fed policymakers’ progress in bringing down inflation— discussing the risks of keeping monetary policy tight for too long. A benign inflation report Thursday could solidify the case for rate cuts in September, Pandl posited. Bitcoin’s price ticked up slightly from $57,300 to around $57,800 as Powell’s testimony began, though it has since settled to about $57,500. Representing a slight reprieve amid Bitcoin’s recent tumult, the asset has climbed more than 2% over the last 24 hours. “I’d be really careful with this economy,” Kennedy told Powell. “People just don’t feel better off.” June employment data presented the Fed with a mixed signal Friday. The U.S. economy added slightly more jobs than expected in June, yet the unemployment rate ticked up to 4.1%—its highest level since October 2021—according to data from the Bureau of Labor Statistics. That report solidified bets among traders that rate cuts are on the horizon. Expectations are that the Fed will cut rates twice, by a quarter of a percentage point, through year’s end. Based on data from CME FedWatch , interest rate traders say there’s a 71% chance that the Fed delivers an initial cut in September. Guided by its dual mandate, the Fed is tasked with promoting stable prices and maximum employment. As inflation continues to show signs of softening, and the Fed’s 2% goal appears relatively attainable, a greater focus has developed recently on labor market conditions. “Conditions in the labor market have returned to about where they stood on the eve of the pandemic—relatively tight but not overheated,” Powell said earlier this month, adding that supply and demand conditions for workers and employers have reached better balance. In a bid to tame inflation, which has slowed substantially from 9.1% in June 2022 , the Fed has marched interest rates to their highest level in more than two decades . Since last July, the central bank has maintained a target range for its federal funds rate of 5.25% to 5.5%. While higher borrowing costs can slow a red-hot economy by reducing demand, and therefore upward pressure on prices, they can also tip the U.S. economy into a recession. That’s if the Fed’s monetary policy proves too restrictive for too long, suffocating growth. Still, Powell acknowledged Tuesday that policymakers are effectively walking a tightrope. Cutting interest rates too soon could “stall or even reverse the progress” on taming inflation as interest rates are likely to deliver an economic boost, Powell said Tuesday. When the Fed cut rates in 2020, the

More about Emeren Group Ltd

Emeren Group Ltd, ReneSola Ltd, develops, builds, operates and sells solar energy projects. The company is headquartered in Stamford, Connecticut.


Industry: MANUFACTURING

Sector: SEMICONDUCTORS & RELATED DEVICES

Employees: 87641000

Market Cap: None

Dividend Yield: None

EPS: -0.16

P/E Ratio: 1.918

ROE: -0.127

Volume: 106582000

50-Day Moving Average: 4.88

200-Day Moving Average: 3.42

RSI: 0.148

More about United States Steel Corporation
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United States Steel Corporation produces and sells tubular and flat rolled steel products primarily in North America and Europe. The company is headquartered in Pittsburgh, Pennsylvania.

Industry: MANUFACTURING, STEEL WORKS, BLAST FURNACES & ROLLING MILLS (COKE OVENS)

Stock Symbol: 8721931000

Current Price: 11.21

Price Change: 0.2

Change Percentage: 3.46%

Market Cap: 79.23 billion

Earnings per Share (EPS): 0.0489

Revenue: 17.743 billion

Price to Earnings (P/E) Ratio: 38.25

Dividend Yield: -0.129%

Dividend per Share: -0.069

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More about Meta Platforms Inc.

Industry: Technology, Services-Computer Programming, Data Processing, etc.

Market Cap: 1.34T

Current Price: $30.49

Change: $0.5

52-Week Range: $17.36 - $55.67

Price-Earnings Ratio (P/E): 0.321

Volume: 142.71M

Average Volume: 996M

Dividend Yield: 1.141%

Beta: 0.273

More about Meta Platforms Inc.

Meta Platforms Inc. is a technology company headquartered in Menlo Park, California. It develops products for connecting and sharing through various devices globally.

Sector: Technology

Industry: Services - Computer Programming, Data Processing, etc.

Market Cap: $1.34 trillion

Current Price: $30.49

Price Change: $0.5

52-week Low: $17.36

52-week High: $55.67

Relative Strength Index (RSI): 55.67

Volume: 142,711,996

Market Capitalization: $520.89 billion

Price to Earnings (P/E) Ratio: 1.141

Earnings per Share (EPS): $0.273

More about Alamos Gold Inc

Alamos Gold Inc

Alamos Gold Inc. is engaged in the acquisition, exploration, development and extraction of gold in North America, Canada and Mexico. The company is headquartered in Toronto, Canada.

Industry: ENERGY & TRANSPORTATION

Business Sector: GOLD AND SILVER ORES

Market Cap: 6660930000

Current Price: 32.19

Change: 0.1

Change %: 0.52

YTD High: 2.649

YTD Low: 0.194

Volume: 1049400000

EPS: 18.99

PE Ratio: -0.116

Dividend: 0.104

More about Meta Platforms Inc.
Meta Platforms Inc. Summary

Meta Platforms Inc.

Meta Platforms, Inc. develops products that enable people to connect and share with friends and family through mobile devices, PCs, virtual reality headsets, wearables and home devices around the world. The company is headquartered in Menlo Park, California.

Industry

Technology, Services-Computer Programming, Data Processing, etc.

Key Financial Data

Market Cap: 134.26B

Current Price: $30.49

Dividend Yield: 0.5%

Price to Earnings Ratio: 17.36

52-Week High: $55.67

52-Week Low: $30.321

Volume: 142.71M

Average Volume: 996M

EPS: $520.89

PE Ratio: 1.141

Beta: 0.273

More about C3 Ai Inc
Stock Analysis: C3 Ai Inc

C3 Ai Inc (C3)

Sector: Technology

Industry: Services-Prepackaged Software

Market Cap: $3,709,591,000

Dividend Yield: None

EPS: -2.34

PE Ratio: 2.602

Forward PE Ratio: -0.901

Volume: 310,582,000

Stock Price: $29.35

52-week Range: $0 - $0

RSI (14): 0.196


More about Sprott Focus Trust

Sprott Focus Trust experienced a notable increase, rising by 8.02 points to reach 222.685. This positive movement suggests a potential bullish trend in the technology sector. The Relative Strength Index (RSI) also indicates a strengthening position, climbing by 0.498 to 0.93. Additionally, the stock displayed a notable increase in volatility, with Bollinger Bands expanding by 0.281, reaching 3.272.

Despite these promising indicators, it's important to note that the stock encountered resistance at the 8396500 level, potentially signaling a temporary halt in its upward trajectory. The moving average also exhibited a slight decline, decreasing by 2.366. It's crucial for investors to approach this situation with caution, considering the potential impact of these factors on future market performance.

More about TransAlta Corp

TransAlta Corporation Stock Analysis Summary

TransAlta Corporation owns, operates, and develops a diverse fleet of electric power generation assets in Canada, the United States, and Australia. The company is headquartered in Calgary, Canada.

Sector: Energy & Transportation

Industry: Electric Services

Market Cap: 2,105,237,000

Price: 4.839

Change: 0.225

Change %: 1.43

PE Ratio: 11.23

EPS: 0.194

Revenue: 3,213,000,000

Dividend Yield: 10.4

Beta: -0.343

Volatility: -0.13

Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.
 14 Nov 24
 14 Nov 24
 14 Nov 24