Early Wednesday looked benefitting for the equities, crypto markets, and precious metals that did effectively during the trading session, just a little before the U.S. Central finished their meeting with the Federal Open Market Committee (FOMC). In a press release, the FOMC mentioned of the rise of the benchmark curiosity rate, however, Jerome Powell led by Central Financial Institution mentioned that the FOMC is thinking to 'raise the federal funds rate at the March meeting.' The statement of Powell followed by the FOMC meeting with the U.S. Central has observed a hawkish-kind of behavior amongst the buyers alongside the world market dipping in value. 
<h2>The Clash - While Jerome Powell Wishes the Federal Funds Rates Change in March, FOMC Plans to Speed Up the Process</h2>
In the press release on Wednesday, the FOMC mentioned that as the inflation rate is about 2 percent followed by a strong labor market, the Committee believes that it can soon raise the federal funds rate target range. As this statement by the FOMC highlights 'soon,' it translates that the U.S. Central Bank plans to maintain the baseline interest untouched, at least for now.

Furthermore, the press conference attendees were explained by Powell about his opinion and taking into respect the views of most FOMC participants as well, 
<blockquote>“Inflation risks are still to the upside. There is a risk that the high inflation we are seeing will be prolonged. There’s a risk that it will move even higher. You asked what the risks are, and we have to be in a position with our monetary policy to address all of the plausible outcomes.”</blockquote>
To back his opinions, Jerome Powell also said that the benchmark rate may increase in March, and noted that getting the Fed’s balance sheet down will certainly take some amount of time. 
<blockquote>Powell continued to stress the fact that, “The committee is of a mind to raise the federal funds rate in March assuming that the conditions are appropriate for doing so.” </blockquote>
<h2>Situation Following the Fed Statements</h2>
With the stock markets closing, the following statistics were observed; NYSE dipped 103 factors, the Dow Jones Industrial Average dipped 129 factors. Howbeit, the NASDAQ maintained its position just a few percentages above, and S&amp;P 500 lost only a few percentages. Accompanying the stock market closing, the value of 1 ounce of .999 fine gold slipped down to 1.77% and 1 ounce of .999 fine silver fell to 2.48%. 

In consideration of that, the Gold bug and Economist Peter Schiff tweeted, 
<blockquote>“Powell said that the Fed will begin shrinking its balance sheet at the appropriate time.” </blockquote>
He further stated that Powell has no certainty about when the shrinking of the balance sheet will begin and if the FOMC hasn’t discussed this, then what have they done? With the value of gold slipping after Powell’s statements, some users started trolling Schiff. 

Even the world cryptocurrency market capitalization was affected greatly, as it dropped greater than 2% to 1.71 trillion. Also, the main crypto-asset bitcoin was a risk-taking task, but this revealed on the Bitstamp that the BTC jumped from $37,400 to #38,946. Just a few hours after Powell’s statement, various high ten crypto properties were lost between 2% to 7% in a few hours.

Followed by Powell's Statements; Precious Metals, Crypto Markets, and Stocks Waver

With the stock markets closing, the following statistics were observed; NYSE dipped 103 factors, the Dow Jones Industrial Average dipped 129 factors.

Priyanka is an active crypto enthusiast. Having graduated with a BA in Journalism and Mass Communication, she is a passionate content writer with a strong understanding of financial content. She has been writing on crypto and blockchain-related topics for the last three years and is an active trader.

Followed by Powell's Statements; Precious Metals, Crypto Markets, and Stocks Waver

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