U.S. Federal Reserve Chairman Jerome Powell offered little change in stance from his recent remarks, reiterating that the economy is in a good spot, giving the central bank the room to be patient before considering easing monetary policy.

"For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance," said Powell in prepared remarks for his semiannual monetary policy report to Congress.

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Today's testimony is of particular note given talks this week from Fed Governors Chris Waller and Michelle Bowman. Both said they would be supportive of a rate cut at the Fed's next meeting. To date, Powell has given no indication that he is considering such a move.

The break with Powell — by itself, not necessarily major news — comes as President Trump continues to make clear his displeasure with the Fed chairman's reluctance to ease monetary policy.

Rate cuts odds for July continue to be fairly slim at just 18.6%, according to CME FedWatch. Moving to September, the odds of one or more rate cuts jump to more than 80%.

The question and answer session with the House committee is underway and this story will be updated with breaking news from that event.

Jerome Powell Testifies to House of Representatives

Bitcoin

is back near $108,000, marking a full recovery from last week’s dip to six figures driven by Middle east tensions, as macro signals turn risk-on and crypto bulls regain technical footing.

The market is now betting on a convergence of two trends: dovish Fed commentary and retail’s accelerating rotation into digital assets, traders say.

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“Crypto will continue its bullish trend,” said Nick Ruck, director at LVRG Research. “Institutional purchases are picking up, and Jerome Powell’s comments hinting at rate cuts have flipped investor sentiment quickly.”

Powell this week said rate adjustments remain on the table, contingent on successful trade deals and softening inflation, words that markets took as code for a late-2025 pivot.

At press time, bitcoin was trading over $107,800, up 1.6% in the last 24 hours. Ether

is holding at $2,480 with a 1.8% gain. Solana’s SOL, dogecoin, XRPand BNB Chain’s BNBshowed gains under 1%, but could be next to move if BTC and ETH prices further recover.

FxPro’s Alex Kuptsikevich said that the overall market capitalization had previously dipped below its 200-day moving average and rebounded sharply, “confirming that level as new support.”

Bitcoin also reclaimed its 50-day average, signaling that momentum may accelerate if sentiment holds, he noted, adding that BTC remains about 5% below its recent highs and is lagging behind traditional tech benchmarks, such as the Nasdaq 100, which has just hit fresh all-time highs.

“If crypto-related equities maintain this pace, they may soon catch up with traditional finance,” he said.

Meanwhile, underlying demand is strengthening. eToro data shows U.S. retail investors are increasing crypto exposure amid a weakening dollar and rising global uncertainty, with 58% reportedly rebalancing their portfolios to favor digital assets.

According to CoinShares, 89% of current holders plan to increase crypto investments in 2025, while 75% of respondents are actively exploring entry points to the market.

Bitcoin Nears $108K as Fed Rate Cut Bets Rise, Eyes on ETH, SOL, ADA

Good Morning, Asia. Here's what's making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.

As Asia begins the Thursday trading day,

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is changing hands above $107K, according to CoinDesk Market data , and the CoinDesk 20 , a measure of the largest digital assets, is trading just shy of 3000, up 0.7%.

Looking back at the week that was, analysts and market observers are looking at what began as a selloff on Middle East tensions, with Israel and Iran trading rocket fire, and a U.S. bombing campaign on Iran's nuclear facilities, turned into a textbook risk-on rally, one that’s lifting crypto, tech stocks, and broader market sentiment alike.

“War drums fade, risk appetite roars,” wrote QCP Capital in its June 25 market note, capturing the sudden mood swing after days of escalating headlines. “Traders appeared to have priced in a resolution or simply stopped waiting for one. Instead of flight-to-safety, the move was risk-on in full force.”

That shift was visible across asset classes. U.S. equities surged, oil prices retraced to pre-conflict levels, and Coinbase stock jumped 12% on regulatory news.

For BTC, the rebound above $107K signals not just relief but renewed momentum, even as investors keep one eye on the macro calendar and the other on global flashpoints.

“It’s been a week of sharp swings in crypto,” said Gracie Lin, CEO of OKX Singapore. “Bitcoin dipped below $100,000 earlier in the week when Middle East tensions rattled the markets, but rebounded quickly after news of a ceasefire – now trading just below its all-time high in a sharp reversal.”

Lin points to a slew of U.S. economic data, including GDP and unemployment claims, coming later this week as the next catalyst for BTC's movement.

“Recent PMI numbers have held steady, but continued weakness in housing is raising questions about the broader economy,” she said. “If Thursday’s GDP or unemployment claims come in weaker than expected, bitcoin could benefit as investors look for hedges against traditional market weakness.”

Add to that the quarterly expiration of bitcoin futures and options on June 27, and volatility could return in force. “Another bout of volatility is expected,” Lin said.

QCP, meanwhile, is looking beyond the week’s swings, spotlighting the structural forces driving bitcoin’s evolution into a macro asset.

From ProCap’s $386 million BTC buy to Coinbase’s regulatory win under MiCA, institutional momentum continues to build.

“If this accumulation trend persists,” QCP wrote, “bitcoin may not just rival gold as a macro hedge but potentially in total market capitalisation.”

Still, QCP adds a note of caution: “Geopolitics remains an ever-present undercurrent.”

While markets have largely shrugged off renewed Israeli strikes, concerns are mounting over NATO–Russia tensions. With Western nations boosting defense budgets and Trump set to attend the NATO summit, the next geopolitical shock may not come from the Middle East.

For now, bitcoin is riding the wave of risk-on enthusiasm. But beneath the surface, the battle between volatility and conviction, war drums and buying sprees, continues to define the market.

(CoinDesk)

Korean Crypto Investors Favor Community Over Capital, Analyst Explains

For overseas crypto projects, getting listed on a Korean exchange like Upbit or Bithumb is seen as a golden ticket, an instant liquidity injection, and a validation milestone.

But that mindset might be part of the problem, Bradley Park, an analyst with Seoul-based DNTV Research, explained in a recent interview with CoinDesk.

At Korea Blockchain Week last year, Park kept hearing the same question from foreign teams:

“How do we get listed on a Korean exchange?”

Korean exchanges have deep liquidity pools, and traders in the country are known for their euphoric rallies.

“Honestly, many of them are approaching it the wrong way,” Park told CoinDesk. “Instead of starting with listing applications, maybe the better question is: How can we genuinely connect with the Korean community?”

Park’s thesis is simple: in Korea’s Web3 market, community isn’t a checkbox. It’s the core. Listings are often a result, not a goal, and the key signal for exchanges is genuine grassroots activity.

Take NEWT, for instance. In the lead-up to its token generation event, Korean degens lit up platforms like Kaito with homegrown content, discussions, and speculation.

“This grassroots excitement translated directly into momentum,” said Park. “Both Upbit and Bithumb listed NEWT on the same day. That wasn’t a coincidence. It was the result of weeks of organic community buildup.”

🇰🇷 Focus Korea



The pre-market price of $NEWT dropped after the Binance listing announcement but reached an all-time high following the Upbit listing news.



If you look at recent cases like SOON, MapleUniverse, and Sophon, it becomes clear where the strongest liquidity is… pic.twitter.com/JEBvPZDSQE — ✳️ Wecryptotogether (Ø,G)🐙 (@Edward__Park) June 24, 2025

But Park cautions against seeing NEWT as a flawless blueprint.

“It’s not a perfect model, but it does show how even a basic level of respect toward the Korean community can translate into visible outcomes,” he said.

“That said, the subsequent price drop and fading short-term excitement left the project with another challenge: keeping the spark alive is just as difficult as igniting it in the first place.”

Another example: Edward Park, a well-known Korean influencer and early Pudgy Penguins holder, posted about NEWT in Korean, garnering over 50,000 views. While that might not seem like a lot, it's the quality of the engagement that matters, argues Bradley Park.

He attributes the single post to catalyzing a wave of engagement with other key stakeholders in Korea's crypto sphere because of Edward Park's trust.

따라쟁이 매매 ON

이제는 정말로 $newt를 찬양해야만해

뉴턴이 가져올 autofi시대가 기대된다!! pic.twitter.com/sCFcPBOKyx — wind24011 (✧ᴗ✧) (@wind24011) June 20, 2025

Projects that treat Korean users like exit liquidity rather than stakeholders tend to be punished.

Park points to the case of ZORA, where Korean users showed strong early participation but soured on the project after a perceived unfair airdrop.

“Interest in future Base ecosystem projects declined. They failed to go viral in Korea because users felt they weren’t valued.”

Localization matters too, especially the language. Park contrasts two projects: COOKIE, which suffered from poorly translated, low-quality content created by outsiders, and KAITO, which invested in Korean-speaking staff and dedicated native-language campaigns and subsequently pumped after its Upbit listing.

The lesson? If your go-to-market strategy starts with “get listed, dump tokens,” don’t expect Korean users to play along.

“Even if your goal is to exit through a Korean exchange,” Park said, “then at the very least, respect the Korean users, encourage their participation, and acknowledge their contributions.”

Token listings driven by the community are possible, but they’re fragile.

“A listing strategy focused purely on short-term liquidity will always have its limits,” Park said. “Without a plan to build lasting trust, even the most explosive momentum will eventually burn out.”

Because in Korea, authenticity isn’t a vibe. It’s the price of admission.

Market Movements:

BTC: Bitcoin rose 1.46% to $107,600 as a ceasefire and $514M in institutional buying fueled a rebound from sub-$100K, with strong support at $107K and the CD20 index up 1.4%.

Bitcoin rose 1.46% to $107,600 as a ceasefire and $514M in institutional buying fueled a rebound from sub-$100K, with strong support at $107K and the CD20 index up 1.4%. ETH: Ethereum rose 1.42% to $2,425.53, rebounding from recent lows as a Middle East ceasefire and continued whale accumulation boosted market sentiment and helped defend key $2,400 support, according to CoinDesk Research's technical analysis model.

Ethereum rose 1.42% to $2,425.53, rebounding from recent lows as a Middle East ceasefire and continued whale accumulation boosted market sentiment and helped defend key $2,400 support, according to CoinDesk Research's technical analysis model. Gold: Gold edged up to $3,340.90 and silver to $35.79 as markets digested the Israel-Iran ceasefire and lingering global tensions, with Trade Nation’s David Morrison warning that unresolved U.S.-China trade issues still pose risks.

Gold edged up to $3,340.90 and silver to $35.79 as markets digested the Israel-Iran ceasefire and lingering global tensions, with Trade Nation’s David Morrison warning that unresolved U.S.-China trade issues still pose risks. Nikkei 225: Asia-Pacific markets opened mixed Thursday as investors weighed the Israel-Iran ceasefire, with Japan’s Nikkei 225 up 0.4%.

Asia-Pacific markets opened mixed Thursday as investors weighed the Israel-Iran ceasefire, with Japan’s Nikkei 225 up 0.4%. S&P 500: U.S. stock futures were flat Wednesday with the S&P 500 near record highs, but analysts warned that geopolitics or black swan events could halt the rally.

Elsewhere in Crypto:

Asia Crypto News: Bitcoin Climbs to 107K as 'War Drums Fade, Risk Appetite Roars'

A crypto analyst with a history of timely Bitcoin (BTC) calls believes that altcoins are gearing up for a price spike.

In a new strategy session, Kevin Svenson tells his 83,300 YouTube subscribers that he’s keeping a close watch on the OTHERS chart, which tracks the total market cap of crypto, excluding the top 10 digital assets and stablecoins.

Traders keep an eye on the OTHERS chart to gauge the performance of the altcoin market.

According to the crypto strategist, OTHERS appears to be following its 2024 price action, when it went through a corrective period before sparking a parabolic surge toward the end of the year.

Svenson predicts that altcoins will stage another explosive rally if Bitcoin and another asset class soar to new record highs.

“I’m just showing what’s showing up on the chart. The setup is nearly the same.

And this huge run-up when the OTHERS chart went up 140% last time… this happened because Bitcoin and the S&P [500] both broke into a new all-time high at the same time. We saw Bitcoin break a new all-time high recently, but the S&P did not.

So if we both get the S&P and Bitcoin to break out to a new all-time high soon, a move like this [November to December 2024] up to $570 billion for OTHERS, the low-cap altcoins, are very likely, in my opinion, that we’re going to get a major pump.”



At time of writing, OTHERS is trading at $233.72 billion.

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Altcoins Could Ignite ‘Major Pump’ if These Two Things Happen, According to Analyst Kevin Svenson

One of the biggest financial institutions based in the United Kingdom (UK) is blocking all crypto transactions on its bank cards.

In a new post, UK banking titan Barclays says it is barring all digital asset-related transactions on its proprietary payment cards starting on June 27th due to the volatile price of cryptocurrencies and because they are uninsured assets.

“It’s not possible to make cryptocurrency transactions using a Barclaycard. From 27 June 2025, we’ll block crypto transactions made with a Barclaycard because we recognize there are certain risks with purchasing cryptocurrencies.

We’re doing this because a fall in the price of crypto assets could lead to customers finding themselves in debt they can’t afford to repay. There’s also no protection for crypto assets if something goes wrong with a purchase, as they’re not covered by the Financial Ombudsman Service and Financial Services Compensation Scheme.”

However, despite the recent ban on crypto assets, previous reports indicate that Barclays has invested hundreds of millions of dollars into IBIT, BlackRock’s Bitcoin (BTC) exchange-traded fund (ETF), which launched in January 2024 and is currently the largest BTC-based ETF by trading volume.

In February, the bank disclosed to the U.S. Securities and Exchange Commission (SEC) that it holds 2,473,064 shares of IBIT, worth nearly $137 million at the time.

IBIT is trading at 60.98 at time of writing, representing a 1.5% increase over the last 24 hours.

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Barclays To Ban All Crypto Transactions on Its Bank Cards, Citing Volatility Risks

Bitcoin

continued its gentle rise on Wednesday as Fannie Mae and Freddie Mac — which play a pivotal role in issuing mortgages to U.S. homeowners — were ordered by the William Pulte, Director of the Federal Housing Finance Agency (FHFA) , to prepare to accept cryptocurrencies as part of applicants' assets.

Back above $107,000, the top cryptocurrency is up 2.2% in the last 24 hours, and outperforming the CoinDesk 20's 0.5% advance. Bitcoin Cash

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was a notable outperformer, rising 7.4%.

Alongside, BTC’s dominance keeps going up, now with almost 66% of the total crypto market value now parked in the orange coin, up from 39% in November 2023.

Today’s move may be partially due to FHFA Director William Pulte sharing on social media that borrowers would soon be able to take advantage of their crypto holdings for loan purposes.

"This is important on two levels," Strive CEO Matt Cole posted on X. "[It] makes it substantially easier for holders of bitcoin to purchase a house without selling their bitcoin. [And] the U.S. government is taking Bitcoin risk on its own book as the U.S. government implicitly guarantees Fannie/Freddie mortgage loans."

The ceasefire secured by Trump between Israel and Iran may also be pushing bitcoin’s price higher, despite the asset’s reputation as a potential safe haven investment. “Gold likes war, while bitcoin prefers peace,” said Charlie Morris, founder of financial services firm ByteTree. “Gold peaked ahead of hostilities in the Middle East, while bitcoin sank. Once it seemed likely that military actions were contained, bitcoin rallied, and gold dropped back.”

Crypto stocks, meanwhile, have remained relatively subdued, with the notable exceptions of bitcoin miner CleanSpark (CLSK) , up 6.7%, while fellow miner CoreWeave (CORZ) , slid the same amount. There was also Circle (CRCL) , which declined another 11% today and is now down by about 33% since peaking Monday just shy of $300 per share. At the current $198.62, the stock is still up more than six-fold from its IPO price of $31.

BItcoin Price (BTC) News: FHFA to Allow Crypto Holdings as Part of Applicant Assets

An employee at a $23.8 billion bank embezzled $44,000 worth of customer money before getting slapped with an industry ban.

The Federal Reserve says former Bank of Hawaii employee Alohi Kaupu-Grace, 23, stole from customer accounts and falsified the customers’ signatures on cash withdrawal slips and cashier’s check purchase slips.

Kaupu-Grace paid $5,200 in partial restitution to the bank and was fired in March. The Hawaii resident consented to an order from the Federal Reserve Board of Governors banning her from working for any of the Fed’s insured depository institutions.

The ban will stay in place indefinitely unless the Board of Governors rescinds it, and the order doesn’t prohibit any other Federal or state agency or department from taking action against Kaupu-Grace.

In May, Hawaii Island police arrested Kaupu-Grace for allegedly using someone else’s credit card.

A victim contacted police after receiving a text from his credit card company about a fraudulent charge made to his account. The police say they tracked the credit card usage back to Kaupu-Grace, who allegedly secured the victim’s confidential information while working at Bank of Hawaii.

She was charged with second-degree theft, second-degree identity theft, unauthorized possession of personal confidential information and fraudulent use of a credit card.

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Employee at Billion Dollar Bank Embezzles $44,000 From Customer Accounts Before Being Banned From Industry

Shares in US crypto exchange Coinbase (COIN) are seeing massive gains amid regulatory advancements.

Shares in COIN soared from June’s low of $235 to a high of $369 as the platform gained a license to operate in Europe and as the US Senate approved legislation to regulate stablecoins.

Coinbase announced it has secured a Markets in Crypto Assets (MiCA) license from the Luxembourg Commission de Surveillance du Secteur Financier (CSSF), which permits the platform to “offer our full suite of crypto products to all 27 EU member states.”

With the license, Coinbase will establish “its European crypto hub” in Luxembourg.

Meanwhile, US senators passed on June 17th the landmark Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), a bill aimed at regulating stablecoins.

The legislation seeks to establish a federal framework for stablecoin issuers, requiring full asset backing, monthly reserve disclosures, and annual audits for issuers exceeding $50 billion in market capitalization.

Also this month, the shares of the stablecoin giant Circle Internet Group (CRCL) surged after going public on June 5th.

The issuer of the second-largest dollar-pegged stablecoin USDC and the euro-pegged Euro Coin (EURC) saw its shares, which opened at $31, soar to a high of nearly $299 before retracing.

COIN is trading for $349 at time of writing, while CRCL is trading for $205.

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Coinbase (COIN) Shares Explode Nearly 60% on Stablecoin Optimism and Regulatory Tailwinds

Billionaire investor Philippe Laffont says that he’s been taking more time to think about Bitcoin, and wondering why he didn’t get involved with BTC earlier.

In a new interview on CNBC, Laffont, the co-founder of hedge fund Coatue Management, says that when trying to estimate the “net worth” of the entire global economy, he feels that it’s not unreasonable for Bitcoin to represent at least one or two percent of that.

Translated into pricing, it would suggest that BTC could double in value at some point in the future, putting the flagship cryptocurrency above the $200,000 mark.

Says Laffont,

“Every day I do think ‘why do I not own it?’ And I think to be a good investor, it’s not just owning the obvious stock, sometimes you have to change your mind and say ‘well I made a mistake and I’m changing my mind’ and maybe Bitcoin will be like that…

I thought of like the market cap of the world [and] the net worth of the world is, I think $450 to $500 trillion, equities are let’s say $120 trillion, gold above and under the ground is $20 trillion. And then Bitcoin is $2 trillion. And I was like okay, well $2 trillion – let’s say it represents half a percent of the net worth of the world, could it go to one of two. Some people say Bitcoin’s going to $100 trillion, I’m like okay that’s maybe a bit of an aggressive estimate but could it double or a period of time?

And then we talked about the de-dollarization, the end of US exceptionalism, so those would be of the reasons.”

At time of writing, BTC is trading at $107,566.

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Billionaire Philippe Laffont Hints at Bitcoin Price Doubling, Says De-dollarization and End of US Exceptionalism Coming Into Play

O mercado de previsão Kalshi, um concorrente regulado federalmente da Polymarket, levantou mais de 100 milhões de dólares com uma avaliação de 1 bilhão de dólares, de acordo com um relatório da Bloomberg.

Isto ocorre menos de um dia após surgirem relatos de que a Polymarket estava captando 200 milhões de dólares na mesma avaliação unicórnio, liderada pelo Founders Fund de Peter Thiel.

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Dados publicamente disponíveis da API da Kalshi, organizados pela Polymarket Analytics (não afiliada à Polymarket) , mostram que a Kalshi possui cerca de 113 milhões de dólares em volume de negociação ativo atual em todos os mercados abertos, enquanto a Polymarket tem pouco menos de 600 milhões de dólares.

(Polymarket Analytics)

A Kalshi agora hospeda mais mercados ativos que a Polymarket, mas permanece atrás em interesse aberto, uma métrica fundamental que reflete liquidez e convicção dos traders em mercados de previsão.

Um painel da Dune mostra que a Polymarket possui cerca de 186.000 traders ativos.

A Paradigm liderou a última rodada da Kalshi. O fundo de venture capital focado em criptomoedas recentemente liderou a rodada Série A para a GTE, uma exchange descentralizada (DEX) que busca rivalizar com a HyperLiquid em velocidade.

Em janeiro, Donald Trump Jr. anunciou que estava se juntando à Kalshi como conselheiro sênior.

Notícias do Mercado de Previsão: Kalshi Reporta Captação de US$ 100 Milhões

US Senator Adam Schiff has introduced a new bill that aims to prevent President Donald Trump and his family members from enriching themselves via crypto.

The potential legislation, titled the Curbing Officials’ Income and Nondisclosure (COIN) Act, would prohibit the president, vice president, high-ranking executive branch employees, special government employees and members of Congress from issuing, sponsoring or endorsing digital assets.

The ban would last from 180 days prior to an individual’s public services until two years afterward, and it would also extend to officials’ immediate family members.

If passed, the bill would also require public officials to include crypto assets in their annual financial disclosures and periodic transaction reports.

Schiff (D-California) says in a new press release that Trump’s crypto deals “have raised significant ethical, legal and constitutional concerns over his use of the office of the presidency to enrich himself and his family.”

“That’s why I am introducing legislation to prevent the financial exploitation of any digital assets by public officials, including the president and the First Family. We need far greater scrutiny of the president’s financial dealings, and to stop him and any other politician from profiting off of such schemes.”

Trump’s recent financial disclosure with the U.S. Office of Government Ethics indicated he pocketed more than $57.3 million worth of income from the decentralized finance (DeFi) platform World Liberty Financial (WLFI).

Income from Trump’s controversial memecoin, Official Trump, wasn’t listed on the disclosure because it was released in 2025.

Ethereum (ETH) founder Vitalik Buterin said earlier this year that political coins represented “vehicles for unlimited political bribery.”

In a February letter to the U.S. Department of Justice (DOJ) and the Office of Government Ethics, officials at the nonprofit consumer advocacy organization Public Citizen argued that Trump could be in violation of federal law regulating gifts to government officials.

The president hosted the top 220 TRUMP memecoin holders at his private national golf club in Washington, DC last month. The announcement of the event caused the price of the asset to skyrocket.

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US Senator Adam Schiff Introduces Legislation To Stop President Trump’s ‘Exploitation’ of Digital Assets

Prediction market Kalshi, a federally regulated competitor to Polymarket, has raised more than $100 million at a valuation of $1 billion, according to a report from Bloomberg.

This comes less than a day after reports emerged that Polymarket was raising $200 million at the same unicorn valuation, led by Peter Thiel's Founders Fund.

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Publicly available data from Kalshi's API curated by Polymarket Analytics (not affiliated with Polymarket) shows that Kalshi has around $113 million in current active trading volume across all open markets, while Polymarket has just under $600 million.

(Polymarket Analytics)

Kalshi now hosts more active markets than Polymarket, but remains behind in open interest, a key metric that reflects liquidity and trader conviction in prediction markets.

A Dune dashboard shows that Polymarket has around 186,000 active traders.

Paradigm led Kalshi's latest round. The crypto-focused VC recently led the Series A round for GTE, a decentralized exchange (DEX) that looks to rival HyperLiquid in speed.

In January, Donald Trump Jr. announced he was joining Kalshi as a senior advisor.

Prediction Market News: Kalshi Reportedly Raises $100M

The Chair of the Federal Reserve says financial markets are dealing with a unique set of circumstances that may be contributing to dollar weakness.

In a recent testimony to the US Senate, Powell tells members of the Senate’s banking panel that while the US dollar appears to be doing better, the Fed has yet to formally form an opinion on the matter.

“I would go back to the thought that markets have been digesting an unusually challenging set of circumstances and have reacted the way they reacted. The dollar has kind of stabilized just now, in fact it’s moved back up in the last couple of weeks a bit. There are plenty of people who are still writing that the dollar is still overvalued, we don’t have a view on that of course…

I don’t really have an official view I’d like to share, [but] I think there are possible explanations…one of which is that people still feel the dollar is highly valued, but we’ll see.”

Touching on the subject of tariffs, Powell says markets are in uncharted territory since tariffs have only ever been going down for many decades.

“We’ve been going through a long period where tariffs have been going down. Since World War 2 really, it’s been a process of lowering tariffs globally…

There isn’t a lot of modern learning on that. One of the reasons [now] is so challenging is that we don’t have modern precedent.”

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Jerome Powell Testifies to House of Representatives

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