By Nermeen Nabil Khear 
Crypto markets skated sideways on Friday while stocks crumbled as U.S. Federal Reserve Chairman Jerome Powell suggested the Fed would take a wait-and-see approach to monetary policy.
The Fed chair says at a conference in Virginia that the US economy faces “a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation.”
Powell notes that it’s not the Fed’s role to opine on policy choices, but he did discuss the potential economic impacts of President Donald Trump’s sweeping set of new tariffs, which he says are significantly larger than expected.
“The same is likely to be true of the economic effects, which will include higher inflation and slower growth. The size and duration of these effects remain uncertain. While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent. Avoiding that outcome would depend on keeping longer-term inflation expectations well anchored, on the size of the effects, and on how long it takes for them to pass through fully to prices. Our obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem.
We will continue to carefully monitor the incoming data, the evolving outlook, and the balance of risks. We are well-positioned to wait for greater clarity before considering any adjustments to our policy stance. It is too soon to say what will be the appropriate path for monetary policy.”
Trump signed an executive order on Wednesday that imposed a 10% baseline tariff on all imported goods entering the US, with the stated aim of protecting domestic manufacturing.
He also issued a proclamation detailing “reciprocal tariffs” on dozens of specific countries effective April 9th, with rates totaling up to 54% on China.
The overall crypto market cap dropped by 1.2% on Friday, per data from CoinGecko. Stocks were hit harder, with the S&P 500 dropping by 5.97% and the Nasdaq Composite plunging by more than 6%. The Dow Jones Industrial Average also fell by 5.5%.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Crypto Markets Skate Sideways on Friday as US Fed Chair Jerome Powell Strikes Neutral Tone in New Policy Speech appeared first on The Daily Hodl.
Crypto markets skated sideways on Friday while stocks crumbled as U.S. Federal Reserve Chairman Jerome Powell suggested the Fed would take a wait-and-see approach to monetary policy. The Fed chair says at a conference in Virginia that the US economy faces “a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation.”
The post Crypto Markets Skate Sideways on Friday as US Fed Chair Jerome Powell Strikes Neutral Tone in New Policy Speech appeared first on The Daily Hodl. Financeflux, Trading, Federal Reserve, Jerome Powell, News, s&p 500, stock market
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.