FED Chairman Jerome Powell Speaks in Jackson Hole! Here Are the Highlights and Bitcoin’s Reaction!

Fed Chairman Jerome Powell began his highly anticipated speech in Jackson Hole, Wyoming.

Here are the highlights of Powell’s speech at the economics symposium:

• It’s time for the Fed to adjust its policy. It’s time for policy to adapt.’
• We will do everything we can to support a strong labor market while making progress toward price stability.
• We do not want or welcome any further cooling in labor market conditions.
• We have made significant progress towards the goal of price stability while avoiding sharp increases in unemployment.
• My confidence that inflation is heading towards 2% has increased.
• Inflation has decreased significantly, and we are now much closer to the target.

Bitcoin’s price action during Powell’s speech:

The Fed chairman’s speech at the annual central bankers’ conference comes at a time of heightened uncertainty about the economy and interest rate policy. While the market is certain of a September rate cut, opinions are divided on whether the rate cut will be 25 basis points or 50 basis points.

The news will be updated as details come in…

*This is not investment advice.

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