The post Bitcoin Surges 8% as Powell Eyes December Fed Rate Cut Push appeared com. Bitcoin surges 8% from $81K low as Fed rate cut odds jump to 67% for December meeting. Chair Powell may override divided Fed officials to push through 25 basis point rate reduction. With the market speculating a Fed rate cut in December, Bitcoin has rallied by more than 8% since it went down below $81, 000 on Friday. According to Barclays Research, there is disagreement among Fed officials about the future of monetary policy. Moreover, Chair Jerome Powell might signal another 25 basis point cut. Powell Could Tip the Scales Toward Rate Reduction It looks like, Federal officials are quite divided on the issue of monetary policy direction. It has been reported that governors Stephen Miran, Michelle Bowman, and Christopher Waller are in favor of loosening rates at the meeting in December. On the other hand, President of the St. Louis Fed, Alberto Musalem and President of the Kansas City Fed, Jeffrey Schmid are inclined to keep the current range of 3. 75-4% without any further changes. Vice Chair Michael Barr, Philip Jefferson, Austan Goolsbee of Chicago, and Susan Collins of Boston are all quite uncertain about the matter and are slightly inclined to suggest holding the rates at their current level. In the meantime, Lisa Cook and John Williams are waiting for the economic data to come in and seem to be agreeable to another rate cut if the situation requires it. The CME FedWatch tool is currently indicating a 67% chance of a rate cut in December, which is a significant reversal from the 33% probability that was estimated right after Fed Williams’ remarks. According to Nick Timiraos, a reporter for the Wall Street Journal, if there is a rate reduction, Powell will have to be very vocal about it and persuade the rest of the committee to go along with.