powellspeech

Powell’s decisions as Fed chair have continued to have a massive impact on bitcoin and the wider cryptocurrency markets.
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Powell is likely to be mostly remembered for his battles with U.S. President Donald Trump, the man who first nominated him for the chair role in early 2018 (he was re-nominated for another four-year term in 2022 by President Biden), but his more lasting legacy could be his response to the 2020 COVID-19 pandemic. That flooding of liquidity into the financial system may or may not have eased the general public's pain during the lockdown era, but it surely helped create one of the greatest-ever rallies in financial assets (crypto among them) as well as seeding the nation's first great inflation since the 1970s.

Nearing the end of 2025, that inflation — though receded far back from its worst levels of 2022 when it was at a nearly double-digit percentage for much of the year — continues to create issues for monetary policymaking.

In fact, the Fed's final policy meeting of the year on Dec. 9-10 will be remembered as one of the most contentious in the central bank's history. Signs of economic slowdown, as evidenced by recent soft employment and manufacturing reports, would normally have the Fed acting with haste and near-unanimity to ease monetary policy by lowering its benchmark fed funds rate.

Inflation, however, remains stubbornly above the Fed's 2% target. In the weeks prior to the meeting, a number of Fed policymakers made no secret in their public comments about their disagreement over not just any further easing in December, but even October's rate cut.

Debate is fine, but the central bank has been a collegial group for decades, with dissents from the larger opinion so rare that even a single member voting against a policy decision would make headline news. Powell's Fed's ultimate decision to trim rates another 25 basis points last week drew three dissents — two from members who preferred holding policy steady and one who wanted to cut 50 basis points.$BTC $ETH $BNB