Powell Highlights Bitcoin's Role Amid Fed Policy

Federal Reserve Chair Jerome Powell, during the New York Times DealBook Summit, emphasized Bitcoin's role as a speculative asset similar to gold, contributing to a surge in its market value, which recently exceeded $103,000. Powell also addressed the U.S. economy's strength, suggesting the Fed can cautiously approach interest rate cuts despite President-elect Trump’s economic policies, which might be inflationary. He reassured that the Federal Reserve's independence remains intact against political influences, a concern given Trump's past remarks. The Fed's next interest rate decision is anticipated on December 18, with market expectations of a modest cut. Powell reiterated the importance of maintaining a stable economy and employment, free from political intervention.