[Everyone is paying attention to the Bitcoin Jackson Hole conference! What speech will Fed Chairman Powell deliver? 】
Bitcoin, cryptocurrencies and global markets will be in the spotlight at this week’s Jackson Hole conference. The conference, held in Wyoming, USA, from August 22 to 24, attracted representatives from central banks from around the world. The theme of this meeting is "Reassessing the effectiveness and transmission mechanism of monetary policy."
Federal Reserve Chairman Powell's speech has attracted much attention. He is expected to announce an interest rate cut plan on August 23 and emphasized that the rate cut will be "orderly." Powell is widely expected to announce a 25 basis point rate cut in September, rather than a 50 basis point cut.
Economists at UBS Group AG predict that Powell will make the case for a gradual exit from monetary policy tightening in his speech and could cut interest rates by 25 basis points at each of the Federal Open Market Committee meetings in September, November and December 2024.
Powell may signal an "appropriate" interest rate cut, but won't explicitly state the possibility of a 50 basis point cut, according to analysis by Bloomberg economists. Last year, Powell said at the Jackson Hole meeting that the Fed was prepared to raise interest rates further if necessary and to keep them at restrictive levels until inflation fell to 2%.
