Bitcoin [BTC] Price Corrects Sharply From $44k Peak, Latest Analyst Comment

Jerome Powell’s speech before the House Banking Committee this past Wednesday was an important wake-up call. His forthright appraisal of U.S. monetary policy, especially its efficiency in boosting growth, sent shockwaves through financial markets and institutions throughout the globe.

The Fed's chair is undoubtedly the most influential economic figure in Washington — though he is also one of the few whose are not beholden towards Wall Street or major corporations for their posts. He has been appointed by the president and affirmed by Congress on merit as opposed to personal ties or political favors.

Powell’s statements about low mortgage rates being ineffectual in fostering economy have been criticised as “ dangerous ” by numerous economists, including past Fed chair Janet Yellen. But they are merely a realistic evaluation of what we know from years of encountering a central bank that has proved unable to reach its inflation objective of 2 percent per year, much alone reaching full employment or price stability.

For years past there have been considerable gnashing of teeth about what might occur if interest rates got too high — but no one appears to be talking about that would happen if they stayed too low for too long. That is because it is acknowledged that hiking interest rates might generate financial turbulence and economic misery, especially among those who rely on