President Trump Opposes Another Stimulus Package, Slams the US Federal Reserve
Donald Trump is rejecting the U.S Federal Reserve calls for more stimulus packages. The chair, Jerome Powell, said the U.S. economy faces a tragic risk if the government and Congress do nothing to support the economy disrupted by the Coronavirus pandemic. While at it, the Bitcoin prices fell from its intraday highs of around $10,700
Lockdowns and other economy-damaging restrictions imposed by governors across the globe to arrest the spread of the Coronavirus have had dire ramifications. As its effects reverberate, central banks embarked on a loose monetary policy, airdropping money and slashing interest rates. The FED chair wants the economy propped by supportive interventions until after the “it is out of the woods.”
Impact on the BTC price:
Bearish. Rejection from Donald Trump is unexpected and is bearish because of the direct relationship between expected inflation and Bitcoin price. The more central banks loosen, the higher the odds of inflation, and that is bullish for safe-haven assets like Bitcoin, Gold, and select currencies.
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