Disinflation trends 'have partly reversed,' says the Fed's Jay Powell, sending bitcoin lower on Tuesday morning. SteveAlpher reports
to the U.S. Senate as he presents the central bank's Semiannual Monetary Policy Report.
"The data from January on employment, consumer spending, manufacturing production, and inflation have partly reversed the softening [inflation] trends," said Powell. While allowing that unseasonably warm weather in January might be responsible for the stronger than hoped inflation figures, Powell said the"process" of returning inflation to the Fed's 2% target"has a long way to go and is likely to be bumpy."
Bitcoin fell about $350 in the immediate aftermath of the Powell's prepared remarks, breaking below $22,000. It's bounced a bit since, now trading at $22,100. The S&P 500 dipped as well, now down 0.75% in Tuesday morning action.
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