Jay Powell: The September rate cut is aimed at supporting the labor market, and Bitcoin's competitor is gold rather than the US dollar

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Federal Reserve Chairman Jay Powell said in a conversation with Andrew Ross Sorkin that the September rate cut was intended to "send a strong signal" that the Fed will provide support if the labor market continues to weaken. He also pointed out that the economy is performing strongly, even exceeding expectations from September. In addition, Powell mentioned that Bitcoin is seen as a speculative asset, and its competitors are gold, not the US dollar.

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