US President Joe Biden announced in his recent speech that the Federal Reserve will soon start cutting interest rates. However, there is no specific timeline for this yet.
According to Reuters, Biden said in a recent speech:
I can't guarantee it, but I bet those rates will come down.
Biden's comments have now fueled the belief that if economic data allows and conditions remain stable, the Federal Reserve may start cutting interest rates sooner than expected.
Biden's comments about cutting interest rates came just days after Federal Reserve Chairman Jerome Powell testified. In a recent speech, Powell stressed that while the US economy does not appear to be on the verge of a recession, it remains unclear when the central bank might cut interest rates.
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As further progress on inflation remains uncertain, the Fed will need to gauge the state of the economy. Historically, investors have relied heavily on the Federal Reserve's interest rate decisions while evaluating assets for investment.
When interest rates fall, government securities often lose value, making Bitcoin and other crypto assets more attractive.
Therefore, if interest rate cuts happen soon, crypto markets will benefit from stronger risk tolerance and good purchasing power.
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