White House Adviser Phelan Warns Against Fed Rate Hike

Christopher Phelan, Chairman of the Council of Economic Advisers, stated that a Federal Reserve rate hike would be a mistake, citing recent downward trends in inflation data. Phelan argued that since the Fed refrained from raising rates when inflation was higher three months ago, a hike now is unjustified. The Federal Open Market Committee is scheduled to announce its rate decision today, with market participants closely watching for the outcome as Bitcoin faces potential pressure from higher interest rates.