Powell spoke at a volatile time, with stock markets and bond yields both declining in the wake of Trump's whipsaw announcements of steep tariffs.

With US stocks unstable, consumer confidence in the economy plunging and whispers of a potential recession growing less muted, the economy under President Donald Trump's second term has been about as stable as a recovering addict's first week back on blow.

While some in the crypto community welcomed the announcement, others expressed disappointment as Bitcoin's price dropped more than 5% upon learning that the reserve would not