Powell stated that they do not want to wait too long for inflation to come down to the 2 percent target. He also explained that someone told him on an elevator ride that he should cut interest rates and he just thanked him for that. Powell emphasized that even though progress is being made in inflation data, more evidence is needed to cut interest rates and that rushing could pose risks.
Bloomberg ETF analyst Eric Balchunas noted that Ethereum ETFs are expected to open for trading on July 23. He said the SEC's comments were mild and the approval process could be completed on this date.
At the time of writing, Bitcoin (BTC) is trading at $63,629 and Ethereum (ETH) is trading at $3,419.
The fear and greed index is neutral at "57".
Important developments for the day:
Arbitrum (ARB): Token unlocking will take place.
Chromia (CHR): The main network will be launched.
