#PowellAtJacksonHole BITCOIN SPIKES ABOVE $62,000 AS POWELL TEASES INTEREST RATE CUTS
- The most anticipated economic event of the week arrived as US Federal Reserve Chair Jerome Powell made his comments at the Jackson Hole Economic Policy Symposium in Wyoming.
- His comments saw the price of #Bitcoin rise to above $62,000 during the event itself - a level not seen since the very start of the month.
- His most important comments arrived at the start of his speech, after Powell explained that inflation is now much closer to the Fed’s 2% objective.
- Powell explained that…
“The time has come for [monetary] policy to adjust… the direction of travel is clear”
- Despite teasing reductions in interest rates, Powell kept the remainder of his cards close to his chest…
“The timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks”
- All eyes will now be on September 17th-18th when the Federal Open Market Committee (FOMC) next meets to decide on the immediate direction of interest rates in the United States.
- While some may still expect rates to be held steady at 5.25%-5.50% for the time being, crypto optimists may be hoping for a small cut of 25-50 bps to arrive next month…
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