- Jerome Powell said that he sees interest rate hikes ahead.
- Several users onlines, including crypto leaders are criticizing the move.
- Economist and strategists also condemn Powell’s decision.
Jerome H. Powell, Federal Reserve Chair, had declared earlier that the US central bank was poised to increase interest rates from near zero. “We expect it will be appropriate to raise the target range for the federal funds rate at our meeting later this month,” said Powell during the testimony before the House Financial Services Committee.
These reflections come at a time where the inflation rates are the highest in 40 years. Consumer prices increased 7.5% from a year ago. Also, the inflation gauge depicted its strongest 12-month gain since 1983.
However, this move was not well received. Millionaire crypto content creator Lark Davis expressed his displeasure with Powell’s decision. “All this shit going down in Eastern Europe and then Jerome is going to drop rate hikes on us on March 15th,” said Davis in a Twitter (NYSE:TWTR) post. “Are you screwing with u ...