Crypto News: US Federal Reserve Chair Jerome Powell said the central bank’s goal of containing the inflation at 2 per cent target has a long way to go. He spoke at a post Fed meeting press conference to deliver his remarks on the state of the US economy and the forecast for upcoming months. Powell began his speech saying the full effects of the ongoing monetary policy tightening are yet to be seen in the economy.

Also Read: US Fed Hikes Interest Rate By 25 Bps; Bitcoin Price Surges

The central bank’s Federal Open Market Committee (FOMC) on Wednesday delivered a 25 bps rate hike decision, much to the expectation of the financial markets. Thanks to the market wide anticipation of the rate hike this time around, stock indices S&P 500 and Nasdaq, as well as the Bitcoin price showed little volatility after the decision was delivered on Wednesday.

More importantly, Powell said the Fed had not made a decision about any future FOMC meetings, when asked about plans on further rate hikes. “The intermeeting data came in broadly in line with expectations,” he added.

Inflation Remains Elevated: FOMC

Earlier, the FOMC stated that the US economic activity has been expanding at a moderate pace in recent times. It said the job gains have been robust and unemployment rate remained low while inflation remains elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run, it said.

Also Read: Terra Luna Classic To Burn 800 Million Tokens, LUNC And USTC To $1?