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RSM Chief Economist Joseph Brusueras: Warsh delivered the right hawkish signals at the press conference and attempted to reinforce the Fed’s credibility in restoring price stability, while also enhancing his own credibility.U.S. stocks continued to decline after the Walsh press conference, with the S&P 500 falling 1%, its biggest drop since July 29, the Dow Jones Industrial Average down 1.65%, and the Nasdaq Composite down 0.6%.On September 17th, Federal Reserve Chairman Warsh declined to answer questions at a press conference regarding his interactions with US President Trump. Trump has been calling for lower interest rates in recent months. Warsh stated, "I have no comment on my discussions with the president." White House Council of Economic Advisers Chairman Christopher Phelan said on Tuesday that raising interest rates would be a "mistake."On September 17th, Federal Reserve Chairman Warsh stated that he would not disclose details of future interest rate decisions by the Federal Open Market Committee (FOMC). He said, "I am not responsible for providing forward guidance. Our decision today (to raise interest rates) is a carefully considered, serious, and responsible one. We have been preparing for and thinking about this decision for the past 110 or 120 days." Warsh also stated that this decision was not market-driven. He said, "Our decision today is based on our assessment of the current situation, our judgment of the employment trend, and our assessment of the strength of the economy. Sometimes, the market tries to anticipate our decisions. I watch market prices to see what information the market is sending. But todays decision is our own."On September 17th, Warsh stated that while the Federal Reserve cannot prevent price shocks in commodities such as oil on its own, the central bank can use policy tools to prevent further spread of inflationary pressures. Warsh said, "We cannot influence the price of any single commodity, such as oil or groceries." However, he pointed out, "We can and will ensure that any changes in relative prices do not spread further, and do not have second- or third-order effects on the economy. Thats our responsibility, and thats what were doing." Warsh made these remarks as U.S. diesel prices hit a record high due to the Iran war.

BTC Fear & Greed Index Falls Deeper into the Extreme Fear Zone

Lorna Divakar

Sep 27, 2022 16:20

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Bitcoin (BTC) increased by 2.22% on Monday. BTC finished the day at $19,235, reversing a 0.62% loss from the previous day. BTC completed the day at $19,000 for the first time in three sessions, while it dropped short of $20,000 for the eighth session in a row.


BTC experienced a negative morning, falling to a mid-morning low of $18,694 before changing direction. BTC soared to a late high of $19,333 before easing back, avoiding the First Major Support Level (S1) at $18,579 in the process. To close the day at $19,235, BTC crossed over the First Major Resistance Level (R1) at $19,121.


The crypto news wires were silent once again because there were no relevant crypto happenings. Despite the absence of direction, BTC and the larger market kept separating from the NASDAQ 100. While the market capitalization of cryptocurrencies grew by 1.94% ($17.2 billion) on Monday, the NASDAQ 100 dipped by 0.60%.


Dollar dominance and increased market volatility have probably had a role in the rise in demand for crypto assets. The NASDAQ 100 Mini was up 78.75 points this morning.

The Bitcoin Fear & Greed Index Remains Above 20/100

The Fear & Greed Index decreased from 21 to 20 today. Despite having a positive session and finishing the day at $19,000 for the first time in three sessions, BTC fell.


The anxiety of investors regarding the Fed and the economy is undoubtedly a factor in today's loss, and riskier assets other than cryptocurrencies continue to have an impact on investor mood. The Index did not fall below 20, though, indicating investor resiliency. For the Index to challenge BTC at $25,000, an upward trend would be necessary.


Avoiding sub-20/100 has been the objective in recent weeks. The bears will be looking for a drop to below $20/100 to indicate a BTC decline to below $18,000. The bulls, on the other hand, are anticipating a surge toward $25,000 supported by an Index rebound to 40/100.


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