Falling Inflation Boosts Hopes for Rate Cuts and $20 Trillion Crypto Boom Ahead of 2024 U.S. Election
• U.S. inflation has fallen from a peak of 9% to 3.2% over the last year, avoiding recession so far but concerning for Biden's 2024 election chances • Fed chair Jerome Powell struck a dovish tone this week, with projections showing 75 basis points of rate cuts in 2024 • Powell's comments sent the U.S. dollar sharply lower, with further dollar weakness forecast in 2024 by analysts • Treasury secretary Janet Yellen predicted inflation would fall back to 2% in 2024, allowing interest rates to come down • Crypto investors predict rate cuts, bitcoin's 2024 halving, and election spending could trigger a $20 trillion crypto market boom