Bitcoin Soars as President Biden Supports Rate Cut

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I just saw the news that US President Biden publicly expressed support for rate cuts, so Bitcoin rose sharply this morning! What do you think?

Fed Bostic reiterated that he expects to cut interest rates once this year, but left room

Atlanta Fed President Bostic reiterated his expectation of a rate cut this year, but added that he is open to delaying or further rate cuts if the economic situation changes.

Bostic emphasized the continued strength of the US and labor markets, but said that signs of weakness in the job market would prompt him to consider earlier and more rate cuts than currently expected. Previously, he said he expected the Fed to cut interest rates in the fourth quarter.

He said: "I do think the risks are balanced, given that the US economy has been so strong, strong and resilient - I can't rule out the possibility that rate cuts may even have to be further delayed."

But he also said: "If I start to get different signals that the labor market is going to face a lot of pain, then I would be willing to change our policy stance and perhaps cut interest rates earlier." (Jinshi)

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