Waller’s Dovish Comments Lift Bitcoin, But Only Temporarily
Perhaps U.S. President Donald Trump’s incessant name-calling has finally taken effect after Federal Reserve Governor Christopher Waller hinted at an interest rate cut “as early as July” during a CNBC interview on Friday.
Crypto and stock markets initially jumped on the news, with bitcoin climbing past $106K, but the cryptocurrency has since retreated to $104K at the time of reporting. Markets were mixed, with the Dow up 0.16% and the S&P 500 and Nasdaq both down 0.26% and 0.64% respectively. Crypto markets didn’t fare much better, initially inching up 0.47% before shedding 0.13% at the time of writing.
Trump has poked fun at Federal Reserve Chairman Jerome Powell for weeks on end, calling him a “numbskull,” “dumb,” and “stupid” for not cutting rates. The president has even concocted a nickname, “Too Late,” a reference to Trump’s assertion that Powell is dragging his feet and not lowering rates quickly enough. But now, the president may finally see the rate cut he’s been calling for as soon as next month, at least according to Waller.
“I think we’re in the position that we could do this and as early as July,” Waller said, referring to a potential rate cut. “That would be my view, whether the committee would go along with it or not.”
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