tl;dr
Federal Reserve Chairman Jerome Powell's testimony before the Senate Banking Committee indicated progress in fighting inflation while maintaining a strong labor market. His remarks sparked speculation about potential interest rate cuts, with implications for Bitcoin's price. Powell's comments, along...
Bitcoin price remains steady as Federal Reserve Chairman Powell discusses progress in fighting inflation and maintaining a strong labor market. Powell's testimony sparks speculation on potential interest rate cuts, impacting Bitcoin's price. Mixed employment data and signs of softening inflation solidify expectations for Fed rate cuts. Fed's focus on stable prices and maximum employment guides potential interest rate adjustments. Fed's efforts to tame inflation through interest rate hikes and potential risks of a recession. Powell cautions on the timing of interest rate cuts and their impact on inflation and economic progress.
Federal Reserve Chairman Jerome Powell's testimony before the Senate Banking Committee indicated progress in fighting inflation while maintaining a strong labor market. His remarks sparked speculation about potential interest rate cuts, with implications for Bitcoin's price. Powell's comments, alongside mixed employment data, have fueled expectations of rate cuts, with a 71% chance of an initial cut in September. The Fed's focus on stable prices and maximum employment reflects a balancing act amid evolving economic conditions and inflation concerns. Powell cautioned against premature rate cuts, emphasizing the need for greater confidence in economic progress. The price of Bitcoin was little changed Tuesday as Federal Reserve Chairman Jerome Powell spoke before Senate lawmakers, highlighting progress in the U.S. central bank’s fight against inflation while trying to preserve a strong labor market. Testifying before the Senate Banking Committee, Powell sidestepped a question on many investors’ minds, which was posed by Rep. John Kennedy (R-LA) in blunt fashion.“So, when are you going to lower interest rates?” the congressman asked, to which Powell responded, “Today, I’m not going to be sending any signals about the timing of future actions.” Kennedy’s inquiry captured an eagerness among financial market participants for insight into the Fed’s next policy moves. As Bitcoin’s price lingers near a five-month low , some investors have grown anxious toward rate cuts as an event that could eventually bolster crypto prices. Lower interest rates would likely weaken the value of the dollar and support Bitcoin’s price, given that Bitcoin is a competing monetary system, Grayscale Head of Research Zach Pandl told Decrypt in a statement. And Powell’s talk on Tuesday could be viewed as a prepper for that eventual shift, Pandl wrote. During his remarks, Powell highlighted Fed policymakers’ progress in bringing down inflation— discussing the risks of keeping monetary policy tight for too long. A benign inflation report Thursday could solidify the case for rate cuts in September, Pandl posited. Bitcoin’s price ticked up slightly from $57,300 to around $57,800 as Powell’s testimony began, though it has since settled to about $57,500. Representing a slight reprieve amid Bitcoin’s recent tumult, the asset has climbed more than 2% over the last 24 hours. “I’d be really careful with this economy,” Kennedy told Powell. “People just don’t feel better off.” June employment data presented the Fed with a mixed signal Friday. The U.S. economy added slightly more jobs than expected in June, yet the unemployment rate ticked up to 4.1%—its highest level since October 2021—according to data from the Bureau of Labor Statistics. That report solidified bets among traders that rate cuts are on the horizon. Expectations are that the Fed will cut rates twice, by a quarter of a percentage point, through year’s end. Based on data from CME FedWatch , interest rate traders say there’s a 71% chance that the Fed delivers an initial cut in September. Guided by its dual mandate, the Fed is tasked with promoting stable prices and maximum employment. As inflation continues to show signs of softening, and the Fed’s 2% goal appears relatively attainable, a greater focus has developed recently on labor market conditions. “Conditions in the labor market have returned to about where they stood on the eve of the pandemic—relatively tight but not overheated,” Powell said earlier this month, adding that supply and demand conditions for workers and employers have reached better balance. In a bid to tame inflation, which has slowed substantially from 9.1% in June 2022 , the Fed has marched interest rates to their highest level in more than two decades . Since last July, the central bank has maintained a target range for its federal funds rate of 5.25% to 5.5%. While higher borrowing costs can slow a red-hot economy by reducing demand, and therefore upward pressure on prices, they can also tip the U.S. economy into a recession. That’s if the Fed’s monetary policy proves too restrictive for too long, suffocating growth. Still, Powell acknowledged Tuesday that policymakers are effectively walking a tightrope. Cutting interest rates too soon could “stall or even reverse the progress” on taming inflation as interest rates are likely to deliver an economic boost, Powell said Tuesday. When the Fed cut rates in 2020, the
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Industry: MANUFACTURING
Sector: SEMICONDUCTORS & RELATED DEVICES
Employees: 87641000
Market Cap: None
Dividend Yield: None
EPS: -0.16
P/E Ratio: 1.918
ROE: -0.127
Volume: 106582000
50-Day Moving Average: 4.88
200-Day Moving Average: 3.42
RSI: 0.148
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United States Steel Corporation produces and sells tubular and flat rolled steel products primarily in North America and Europe. The company is headquartered in Pittsburgh, Pennsylvania.
Industry: MANUFACTURING, STEEL WORKS, BLAST FURNACES & ROLLING MILLS (COKE OVENS)
Stock Symbol: 8721931000
Current Price: 11.21
Price Change: 0.2
Change Percentage: 3.46%
Market Cap: 79.23 billion
Earnings per Share (EPS): 0.0489
Revenue: 17.743 billion
Price to Earnings (P/E) Ratio: 38.25
Dividend Yield: -0.129%
Dividend per Share: -0.069
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Industry: Technology, Services-Computer Programming, Data Processing, etc.
Market Cap: 1.34T
Current Price: $30.49
Change: $0.5
52-Week Range: $17.36 - $55.67
Price-Earnings Ratio (P/E): 0.321
Volume: 142.71M
Average Volume: 996M
Dividend Yield: 1.141%
Beta: 0.273
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Sector: Technology
Industry: Services - Computer Programming, Data Processing, etc.
Market Cap: $1.34 trillion
Current Price: $30.49
Price Change: $0.5
52-week Low: $17.36
52-week High: $55.67
Relative Strength Index (RSI): 55.67
Volume: 142,711,996
Market Capitalization: $520.89 billion
Price to Earnings (P/E) Ratio: 1.141
Earnings per Share (EPS): $0.273
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Industry: ENERGY & TRANSPORTATION
Business Sector: GOLD AND SILVER ORES
Market Cap: 6660930000
Current Price: 32.19
Change: 0.1
Change %: 0.52
YTD High: 2.649
YTD Low: 0.194
Volume: 1049400000
EPS: 18.99
PE Ratio: -0.116
Dividend: 0.104
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Meta Platforms Inc. Summary Meta Platforms Inc.
Meta Platforms, Inc. develops products that enable people to connect and share with friends and family through mobile devices, PCs, virtual reality headsets, wearables and home devices around the world. The company is headquartered in Menlo Park, California.
Industry
Technology, Services-Computer Programming, Data Processing, etc.
Key Financial Data
Market Cap: 134.26B
Current Price: $30.49
Dividend Yield: 0.5%
Price to Earnings Ratio: 17.36
52-Week High: $55.67
52-Week Low: $30.321
Volume: 142.71M
Average Volume: 996M
EPS: $520.89
PE Ratio: 1.141
Beta: 0.273
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Stock Analysis: C3 Ai Inc C3 Ai Inc (C3)
Sector: Technology
Industry: Services-Prepackaged Software
Market Cap: $3,709,591,000
Dividend Yield: None
EPS: -2.34
PE Ratio: 2.602
Forward PE Ratio: -0.901
Volume: 310,582,000
Stock Price: $29.35
52-week Range: $0 - $0
RSI (14): 0.196
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Sector: Energy & Transportation
Industry: Electric Services
Market Cap: 2,105,237,000
Price: 4.839
Change: 0.225
Change %: 1.43
PE Ratio: 11.23
EPS: 0.194
Revenue: 3,213,000,000
Dividend Yield: 10.4
Beta: -0.343
Volatility: -0.13