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BNB Climbs 3.5% as Fed Rate Cut Bets Fuel Rally Past Key Resistance

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BNB rallied more than 3.5% in the last 24 hours, tracking broader gains across the crypto market as expectations of a Federal Reserve rate cut firmed.

The token rose from a session low of $1,017.44 to more than $1,050, marking a breakout above key resistance levels in the session. The rise comes on the back of an unexpected drop in U.S. private payrolls that adds to a growing list of signals that the Fed may begin easing monetary policy sooner than expected.

With official jobs data paused due to the ongoing U.S. government shutdown, traders have leaned heavily on the weak ADP report, which showed a 32,000 job loss in September against expectations for a gain. Derivatives markets now price in near certainty of a 25 basis point cut later this month.

BNB’s price action mirrored that sentiment shift. After dipping mid-session, the token bounced off the $1,020 support level and climbed steadily into the close, driven by volume that exceeded the 24-hour average, according to CoinDesk Research’s technical analysis data model.

Traders pushed BNB through the $1,035 resistance in the rally, which saw the broader crypto market move up 2.25%, as measured by the CoinDesk 20 (CD20) index.

BNB’s outperformance of the wider market reflects token-specific catalysts. Earlier this week, BNB Chain reduced its minimum gas fee to 0.05 Gwei, making the network one of the cheapest among major blockchains.

Meanwhile, Kazakhstan’s state-backed Alem Crypto Fund named BNB as its first investment asset. The fund’s goal is to build long-term reserves of digital assets and signals rising adoption at the sovereign level.

BNB also weathered a brief security incident during the session when the BNB Chain’s X account was compromised. Hackers made off with about $13,000 before the issue was resolved and the community rallied behind it.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.



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rally at risk as top Fed sends major warning
NFT Gaming

rally at risk as top Fed sends major warning

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The crypto market tilted upward today, Sept. 29, as investors started to buy the dip after last week’s plunge. However, this rally could be at risk after a major warning from Beth Hammack, a senior Fed official.

Summary

  • Cleveland Fed’s Beth Hammack has warned about inflation and interest rate cuts.
  • Aster has passed Hyperliquid as the biggest perpetual DEX in terms of volume.
  • Stablecoin market capitalization is nearing the $300 billion market cap. 

Crypto news today: Beth Hammack warns on inflation

One of the top catalysts for the crypto market recently has been the Federal Reserve, which has started cutting interest rates. However, the pace of cuts may not be as analysts expect, as some Fed officials are still concerned about inflation.

Speaking in a CNBC interview, Beth Hammack of the Cleveland Fed warned that inflation was still a major challenge. She noted that headline and core inflation have remained above the 2% target for four and a half years.

Hammack also believes that the labor market is still strong despite the recent weakness. She cited the unemployment rate, which has remained below 5% this year.

The statement came a few days before the Bureau of Labor Statistics publishes the official jobs numbers. Economists expect the data to reveal that the economy created 59,000 jobs in September after adding 22,000 in the previous month.

Therefore, the crypto market could be at risk if the Federal Reserve slows the pace of interest-rate cuts.

Aster and Lighter overtake Hyperliquid

Another important crypto news today is that Hyperliquid is facing substantial competition pressure from Aster and Lighter. Data compiled by DeFi LLama shows that Aster, which is backed by Changpeng Zhao, handled over $84 billion in volume in the last 24 hours, higher than the $5.6 billion that Hyperliquid handled. This volume brought its 30-day volume to $290 billion, higher than Hyperliquid’s $279 billion. 

Aster weekly volume has soared | Source: DeFi Llama

Lighter handled transactions worth over $7.18 billion in the last 24 hours.

Still, it is unclear whether this data is accurate, as it notes that Aster handled $270 billion in volume last week, up from $10 billion a week earlier.

The data also show that Aster’s total value locked jumped to $2.26 billion, up from $346 million on Sept. 1.

Stablecoin supply nears $300b

Another key crypto news is that the amount of stablecoins in circulation is soaring and is about to hit $300 billion. 

The supply jumped by $4.15 billion in the last seven days. Tether maintains the biggest market share at $174 billion, while USDC has $73 billion. The other biggest players in the sector are Ethena USDe, Dai, Sky Dollar, and World Liberty Finance’s USD1. This stablecoin growth will likely accelerate after the U.S. passed theGENIUS Act. 



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A Dovish Trump Fed could help Bitcoin, hurt U.S.
NFT Gaming

A Dovish Trump Fed could help Bitcoin, hurt U.S.

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Galaxy Digital CEO Mike Novogratz has identified a potential “biggest bull catalyst” for Bitcoin that could drive the cryptocurrency to $200,000, but warned such a scenario would be detrimental to America.

Summary

  • Novogratz says a Trump-picked dovish Fed chair could send Bitcoin soaring to $200K.
  • He warns such a move risks Fed independence and weakens the U.S. economy.
  • Markets watch Trump’s Fed shortlist amid fears of ultra-loose monetary policy.

Speaking in an interview with Kyle Chasse, Mike Novogratz said that an ultra-dovish Federal Reserve chair appointment by President Donald Trump could lead to massive Bitcoin (BTC) gains through aggressive rate cuts.

The Galaxy CEO noted that while Bitcoin could reach $200,000 under such conditions, he wouldn’t want it to happen because he “kind of loves America.”

Novogratz warned that excessive dovishness could threaten Fed independence and create an “oh shit moment” where both gold and Bitcoin skyrocket due to concerns about currency debasement.

Trump’s Fed chair decision creates market uncertainty

Novogratz said the potential scenario of Trump appointing an extremely dovish Fed chair represents Bitcoin’s most significant bullish catalyst.

He described a situation where “Fed’s cutting when they shouldn’t be, and you put in a massive dove,” leading to what he called a “blow-off top” moment for Bitcoin.

The Galaxy CEO noted that markets have partially priced in expectations of Trump choosing a dovish candidate, but uncertainty remains about how extreme the appointment might be.

Trump has reportedly narrowed his Fed chair shortlist to three candidates: White House economic adviser Kevin Hassett, Federal Reserve Governor Christopher Waller, and former Fed Governor Kevin Warsh.

Economic consequences vs. crypto benefits

Novogratz expressed conflicted feelings about the scenario that could drive Bitcoin to new heights.

Even though he acknowledged the massive bullish potential for cryptocurrency markets, he called the underlying economic conditions “really shitty for America” and warned about the potential loss of Fed independence.

A dovish Fed stance typically weakens the U.S. dollar and boosts risk assets, such as Bitcoin, as traditional investments like bonds and term deposits become less attractive.

This creates a feedback loop where currency debasement drives investors toward alternative stores of value.

The Galaxy CEO’s prediction shows concerns about monetary policy extremes and their impact on asset markets.

Novogratz suggested that the market won’t fully react to this scenario until an official announcement is made.



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Bitcoin
Crypto Trends

Fed Chair Choice May Be Bitcoin’s Biggest Bull Trigger, CEO Says

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Galaxy Digital chief executive Mike Novogratz said a very dovish choice to lead the Federal Reserve could push Bitcoin into a major rally, even as he warned such a shift would carry serious costs for the US.

According to Novogratz, if the next Fed chair after Jerome Powell favors aggressive rate cuts, the dollar could weaken and risk assets would get a big bid. He added that while that outcome would be great for crypto, it would not be good for the country.

Dovish Fed Could Send Bitcoin Higher

Novogratz said during an interview with Kyle Chasse published on YouTube that if the Fed begins cutting when it probably should not, and a strongly dovish chair is installed, investors could rush into assets like gold and Bitcoin.

Based on reports, he suggested a scenario where markets chase higher prices in a short span, producing what traders call a blow-off top. He also allowed that Bitcoin could reach $200K under that set of conditions.

Markets Won’t React Until The Pick Is Real

Reports have disclosed that US President Donald Trump has narrowed his shortlist to three names: White House economic adviser Kevin Hassett, Federal Reserve Governor Christopher Waller, and former Fed Governor Kevin Warsh.

Trump told reporters on Sept. 6 that those were the top three. Novogratz said markets often wait for official action, so a rally of the size he described may not begin until a decision is announced and investors are sure of the policy shift.

BTCUSD currently trading at $109,134. Chart: TradingView

Policy Choice May Undercut Dollar

Daleep Singh, vice chair and chief global economist at PGIM Fixed Income, agreed that the Fed could act quite differently after Powell’s term ends in May 2026.

According to Singh, the risks to the dollar may be skewed to the downside if policymakers turn more dovish. Novogratz warned this could erode the Fed’s independence and produce broader problems for the US economy, even as it lifts prices of risk assets.

Recent Moves Add Context

The Fed delivered its first rate cut of 25 basis points in September, a move markets largely expected. Reports show that Governor Waller had been urging a cut as early as July, which highlights the range of views inside the system.

Those past steps help explain why some investors now talk about how far policy could tilt and how big an impact that might have on crypto.

Featured image from Pixabay, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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(Midjourney/CoinDesk)
GameFi Guides

Trump’s Attack on Fed May Deepen Policy Lag, Send Dollar (USD) Lower

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One of the most controversial features of President Donald Trump’s second term is his relentless criticism of Federal Reserve (Fed) Chair Jerome Powell for maintaining elevated interest rates – a stance Trump argues is unnecessarily costly to the American economy.

But this is more than just rhetoric. Trump is aggressively attempting to undermine the Fed’s board, threatening an institution long known for its political independence. Ironically, this very assault risks backfiring, deepening what Trump and others describe as a Fed that is “behind the curve,” potentially leading to a deeper sell-off in the U.S. dollar.

“Political pressures make it tough to credibly shift to an overtly dovish footing. That leaves policy data driven (thus late) rather than pre-emptive. That’s bad for the USD,” the market insights team at Lloyds Bank led by Nicholas Kennedy, said in a note to clients on Sept. 18.

Trump’s Attack on the Fed

Last Thursday marked a new chapter in Trump’s campaign against the central bank, as his administration took the unprecedented step of petitioning the U.S. Supreme Court to allow the firing of Federal Reserve Governor Lisa Cook. This would be the first forced removal of a sitting Fed governor since the institution’s founding in 1913.

The move followed a temporary judicial block issued by U.S. District Judge Jia Cobb, who prevented the ousting of Cook, a Biden appointee, pending further legal proceedings.

According to the Lloyds Bank market insights team, such attacks are likely to increase as Powell enters the final months of his term as Chairman. Trump’s recent appointee at the Fed, Stephen Miran, is already calling for rapid-fire rate cuts and wants the bank to reduce the benchmark borrowing cost by 50 basis points in the recently concluded meeting.

Behind the Curve

At its core, Trump’s campaign reflects a desire for a Fed more responsive to his economic worldview, which demands ultra-low rates around 1%, down significantly from the present 4%.

Trump has argued that current rates keep mortgage costs prohibitively high for many Americans, hindering homeownership and imposing billions in unnecessary debt refinancing expenses. He frames this as a staggering missed opportunity on an otherwise “phenomenal” economy. Meanwhile, many economists agree that rates remain too high given signs of weakening labor markets and consumer health.

Thus, the Federal Reserve is widely perceived as “behind the curve” – a technical term meaning it is too slow to cut rates in response to evolving economic conditions.

Yet, Trump’s insistence on forcing faster rate cuts risks pushing the Fed further behind this curve.

Damned if they do, damned if they don’t

Imagine holding the reins of the world’s most powerful central bank, responsible not only for the world’s largest economy, but the fate of the global reserve currency, the USD. Now imagine the political pressure to cut rates quickly, against the fear of appearing politically compromised. This leaves policymakers damned if they act and damned if they don’t.

So, unlike typical policymakers who adjust with measured calm in response to data, Powell and his colleagues now operate under intense political pressure and public scrutiny from the White House. They face a classic catch-22: face accusations of succumbing to political pressure in case of rapid rate cuts (even if they do so independently); wait too long and risk the potential deepening of an economic slowdown.

This dynamic could breed reflexive stubbornness. To avoid accusations of capitulating to political pressure, the Fed may instinctively lean towards caution – waiting longer and keeping rates elevated. However, this posture can exacerbate the problem: delayed rate cuts keep monetary policy out of sync with economic conditions, much like a patient who resists mild medication only to require drastic doses once a fever spikes.

The subsequent high doses of rate cuts could be interpreted by markets as a sign of panic, leading to increased volatility in financial markets, including cryptocurrencies.

Dollar at risk

The catch-22 situation could also weigh on the U.S. dollar, a bullish development for dollar-denominated assets like gold and bitcoin.

The dollar index, which measures the greenback’s value against major currencies, has dropped nearly 10% this year to 97.64. Meanwhile, bitcoin’s price has rallied by 24% to $115,600.



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Crypto Will Surge On Fed Moves And Market Isn't Ready: Economist
Crypto Trends

Crypto Will Surge On Fed Moves And Market Isn’t Ready: Economist

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Crypto market participants may be underestimating how aggressive the US Federal Reserve will be in shifting its policy direction, according to an economist.

“Markets are underpricing the likelihood of rapid rate cuts in the coming months on the part of the Federal Reserve,” economist Timothy Peterson told Cointelegraph on Friday.

“There has never been a gradual reduction in rates like that currently envisioned by the Fed,” Peterson said, explaining that he expects “the surprise effect” to kick in and potentially catch the market offside.

“It will jolt Bitcoin and alts up substantially, and I think that will happen in the next 3-9 months.”

Peterson’s comments come just days after the Fed implemented its first rate cut of 2025 on Sept. 17 by 25 basis points. The rate cut was widely anticipated, with the CME FedWatch Tool showing a 96% probability of a quarter-point cut and just a 4% chance of a 50-point reduction in the hours leading up to the announcement.

Market is anticipating another rate cut in October

Bitcoin (BTC) briefly surged to $117,000 hours before the Fed’s rate cut announcement but has since retreated to levels seen in the days prior, trading at $115,570 at the time of publication, according to CoinMarketCap.

Bitcoin is up 1.03% over the past 30 days. Source: CoinMarketCap

CME data shows that market participants are pricing in a 91.9% chance of another 25 basis point rate cut at the Oct. 29 meeting, with only an 8.1% probability that rates remain unchanged.

Related: Bitcoin price forecasts eye $110K target as $4.9T options expiry arrives

Fed officials said they expect two more quarter-point rate cuts this year. However, Fed Chair Jerome Powell said, “We’re not on a pre-set path.”

Financial institutions were split on Fed’s September move

Some financial institutions expected a more aggressive rate cut at the September meeting, with Standard Chartered forecasting a 50 basis point reduction.

Goldman Sachs CEO David Solomon, however, was more confident that the Fed would stick to a 25 basis point cut.

Lowering interest rates tends to be bullish for risk-on assets, including cryptocurrencies, as traditional investments like bonds and term deposits become less lucrative to investors.

Magazine: Meet the Ethereum and Polkadot co-founder who wasn’t in Time Magazine



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Tokens Resume Slow Grind Higher After Fed, Dollar Index Is Resilient Too
NFT Gaming

Tokens Resume Slow Grind Higher After Fed, Dollar Index Is Resilient Too

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Analysts told CoinDesk early this week that major cryptocurrencies led by bitcoin would resume their slow grind higher following Wednesday’s Fed rate cut.

That’s exactly what has happened since the Fed cut rates by 25 basis points to 4% late Wednesday. The central bank also hinted rapid easing in the next 12 months.

Bitcoin BTC$117,104.48, the leading cryptocurrency by market value, topped $117,900, the highest level since Aug. 17, ending the sideways trend since Friday and resuming the slow recovery from early September lows near $107,200, CoinDesk data show. As of writing, the cryptocurrency was up nearly 1% on a 24-hour basis.

Ethereum’s ether (ETH) token, the second-largest cryptocurrency by market value, was up 2.7%, but remained locked within the four-week-long narrowing price range, or contracting triangle, as noted by CoinDesk early this week.

Other majors such as dogecoin DOGE$0.2798, solana SOL$244.70 and BNB (BNB) were up over 4% while the payments-focused cryptocurrency XRP traded nearly 3% higher, looking to build upside momentum in the wake of a bullish descending triangle breakout.

Programmable blockchain Solana’s SOL token briefly topped $245, almost testing the weekend high, as CME’s decision to offer SOL options from Oct. 13 raised hopes of increased institutional participation. These options will help institutions manage their exposure more effectively. The CME is also going to debut XRP options on the same day.

Matt Mena, crypto research strategist at 21Shares, said that the Fed’s openness to accelerate the pace of easing is creating an asymmetric setup for bitcoin.

“The dots [interest rate projections] leaned more dovish, signaling the Fed is open to accelerating the pace of easing if conditions demand it. That repricing risk is now front and center – creating an asymmetric setup for Bitcoin. While today’s 25bps cut provided the spark, it is the path implied by the dots – more than the cut itself – that may set the stage for Bitcoin to challenge new highs into year-end,” Mena said in an email to CoinDesk.

He added that bitcoin could set an all-time high above $124,000 by the end of October, with ether topping the $5,000 psychological barrier.

Dollar resilience could be a potential headwind

The path to new lifetime highs, however, may not be smooth, as the dollar is showing signs of life.

Despite the dovish Fed rate projections, the dollar index, which tracks the greenback’s value against major currencies, including the euro, has bounced to 97.30, quickly recovering from the initial drop below the July 1 low of 96.37.

Perhaps the Fed’s dovishness is already factored in by the foreign exchange markets. After all, the DXY has dropped 10% this year largely on the back of Fed rate cut bets. BTC, too, has rallied by 25% this year, hitting new highs above $124,000 in August, supported by dovish Fed expectations.

Dollar Index’s (DXY) daily chart. (TradingView/CoinDesk)

The dollar’s resilience likely reflects Chairman Jerome Powell’s emphasis that rapid, successive rate cuts are not guaranteed. He also highlighted that quantitative tightening (balance sheet runoff) remains in effect and inflation continues to run high. These remarks dampened the optimism sparked by the dovish dot plot projections.

A strong bounce in the DXY could lead to financial tightening, potentially weighing on BTC and other risk assets.

Tail risk pricing

Sophisticated market participants are pricing tail risk, according to crypto financial platform BloFin.

Tail risk refers to low-probability, high-impact events, such as market crashes or major economic crises, that cause disproportionately large losses, often occurring at the “tails” of a probability distribution.

“As one of the most interest rate-sensitive assets, the recent increase in interest rate risk has led to a growing demand for tail protection, prompting market makers and traders to incorporate more interest rate risk into their pricing. Meanwhile, block trades data also includes a short-dated (about 4DTE) put spread order with 2,000 contracts (clearly intended for tail protection), which is not often seen,” BloFin told CoinDesk.

A put spread is a strategy designed to profit from a decline in the price of the underlying asset, in this case, BTC.



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Arkham reveals UAE’s $700m Bitcoin holdings originating from mining
Crypto Trends

Bitcoin price regains $117K as Fed rate cut lifts sentiment

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Bitcoin price climbed back above $117,000 after the Federal Reserve announced its first interest rate cut of the year, sparking renewed optimism across risk assets. 

Summary

  • Bitcoin trades at $117,476, up 0.9% in 24 hours, with volume jumping nearly 50%.
  • Fed cut rates by 25 basis points to 4.00%–4.25%, its first reduction since Dec. 2024.
  • Derivatives data shows rising open interest, signaling stronger market participation.

At press time, BTC was trading at $117,476, up 0.9% on the day and 3% over the past week. Bitcoin’s 24-hour spot trading volume surged 49.6% to $60.9 billion, indicating renewed participation after a quiet September. 

Derivatives markets saw even stronger activity. Bitcoin (BTC) futures volume jumped 65.9% to $119.8 billion, while open interest rose 1.6% to $85.7 billion, according to Coinglass data. 

Growing open interest combined with rising volume indicates that traders are taking on new leveraged positions rather than just exiting old ones. Larger directional moves are often preceded by this combination, suggesting higher volatility in the days to come.

Fed rate cut improves liquidity outlook

The Federal Open Market Committee voted 11-1 on Sept. 17 to lower the federal funds rate by 25 basis points to a 4.00%–4.25% range. This marks the first reduction since December 2024, driven largely by rising unemployment, which hit 4.3% in August, the highest since 2021.

Chairman Jerome Powell referred to the action as “risk management,” indicating that employment concerns now outweigh inflation risks, even though inflation remained above target (headline CPI at 2.9% and core at 3.1%). The cut weakened the U.S. dollar, lifted equities, and pushed crypto markets higher. 

Commenting on the impact on digital assets, Andrew Forson, President of DeFi Technologies, told crypto.news:

“There will be continued inflows into innovation and tech-related businesses since the returns they stand to offer will be considerably higher than less risky government-backed fixed income instruments, whose return profiles will be reduced.”

Forson also noted that staking-focused digital asset projects are becoming increasingly attractive compared to traditional fixed-income instruments, as they offer both yield generation and potential capital appreciation.

Bitcoin price technical analysis

From a technical perspective, Bitcoin is trading inside the upper half of its Bollinger Bands, with resistance near $118,700 and support around $112,900. At 62, the Relative Strength Index indicates neutral momentum but is moving toward overbought territory.

Bitcoin daily chart. Credit: crypto.news

The 10-day and 20-day moving averages are both below the current price, indicating that the short-term trend is still bullish. The MACD also shows a buy signal, though momentum indicators such as Stochastic RSI and Williams %R suggest caution as they hover near overbought levels.

In a bullish scenario, a break above $118,700 might open the door for a retesting of the mid-August high of $124,128. If Bitcoin is unable to maintain $115,000, the 100-day SMA, which is close to $111,600, will be the next support.



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Fed Cuts Interest Rate in 'Risk Management' Move as Bitcoin Eyes Possible Upside
NFT Gaming

Fed Cuts Interest Rate in ‘Risk Management’ Move as Bitcoin Eyes Possible Upside

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The Federal Reserve has returned to easing mode after ten months of taking a wait and see approach on the U.S. economy.

In a widely expected move on Wednesday, the U.S. central bank cut its benchmark fed funds interest rate range by 25 basis points to 4%-4.25%, the lowest since December 2022, in what Fed chair Jerome Powell called a “risk management cut.”

The Fed acknowledged that economic growth in the first half of the year “moderated” and the job market has “slowed.” This slowdown, Powell said during a press conference, is mostly due to changes in immigration. Nevertheless, there was no widespread support for a larger cut, he said, and that the Fed was right to wait to lower rates and will not be rushed to cut more aggressively.

The decision follows growing signs that the U.S. labor market has begun to decisively weaken, the latest being the August employment report which showed the addition of just 22,000 jobs to the economy and the unemployment rate rising to 4.3%, the highest since 2021.

“The Fed is under pressure to lean more dovish, and any successor to Powell is likely to favor faster and deeper rate reductions,” Chris Rhine, Head of Liquid Active Strategies at Galaxy, said. “While risk assets had largely priced in this cut, the updated dot plot aligns with recent sell-side forecasts, pointing to another 50bps of cuts ahead.”

Alongside that data, revisions to previous months’ reports showed far less jobs had been created than previously thought.

Added to that was political pressure in the form of President Trump’s repeated criticisms of the Fed’s hesitancy to act in the face of what he insists has been softening inflation. Powell said during Wednesday’s press conference that the Fed is “strongly committed to maintaining [its] independence.”

Bitcoin ‘new highs’ possible

In the minutes following the rate cut, the price of bitcoin BTC$116,862.68 rose about 1% before giving up gains. It is currently down about 1.5% since the decision, trading at $115,092.

Major U.S. stock indexes — which have been repeatedly carving out record highs for weeks ahead of the Fed move — also briefly rose on the news but later fell sharply. Gold followed a similar move.

“The dots leaned more dovish, signaling the Fed is open to accelerating the pace of easing if conditions demand it,” said Matt Mena, Crypto Research Strategist at 21Shares. “That repricing risk is now front and center – creating an asymmetric setup for Bitcoin. While today’s 25bps cut provided the spark, it is the path implied by the dots – more than the cut itself – that may set the stage for Bitcoin to challenge new highs into year-end.”

Looking ahead

A glance at the Fed’s dot plot shows that the Commission is torn about how the rest of the year will unfold. A slight majority of participants of the Federal Open Market Committee (FOMC) believe there could be two more rate cuts this year.

Seven out of the 19 participants see rates kept steady throughout the year.

UPDATE (September 17, 18:18 UTC): Adds dot plot projections and markets update alongside commentary.

UPDATE (September 17, 18:39 UTC): Adds quote on markets.

UPDATE (September 17, 18:45 UTC): Adds quotes from Federal Reserve chair Jerome Powell.



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