U.S. Federal Reserve Considers Interest Rate Cut in June, Majority of Economists Advocate Amid Inflation Concerns
Crypto News – Reuters recently reported that the U.S. Federal Reserve has opted to reduce its interest rate in June, with a majority of economists advocating for the move. The decision stems from the central bank’s insistence on awaiting further data to confirm whether inflation is on track to meet its 2% target.
Meanwhile, Jamie Dimon, CEO of JPMorgan, suggested that the Fed should postpone the rate cut beyond June to allow ample time for the central bank to bolster its credibility in combating inflation. Expressing his stance, Dimon emphasized the importance of data dependency, asserting that swift and substantial rate adjustments remain an option. He underscored the significance of the Fed’s credibility in this regard, suggesting a potential delay past June to allow for a more comprehensive assessment of the situation.
In discussing the global market landscape, Dimon conveyed a 65% likelihood of an imminent recession, though he refrained from addressing the prospect of stagflation.
Furthermore, Dimon reiterated his opposition to Bitcoin, highlighting its purported association with illicit activities. He contended that Bitcoin’s practical applications encompassed illegal and unethical practices such as sex trafficking, fraud, and terrorism. While acknowledging individuals’ right to engage in Bitcoin transactions, Dimon expressed his personal reluctance to invest in the cryptocurrency, drawing parallels to his earlier comparison of Bitcoin to a frivolous “Pet Rock.”
Dimon’s skepticism toward Bitcoin has been a consistent stance, as he previously cautioned against involvement in Bitcoin trading and accumulation.
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