The Jackson Hole Global Central Bank Annual Meeting was held at 22:00 last night. Fed Chairman Powell gave a speech, releasing a signal of interest rate cuts. This was the first dovish speech made this year. Market confidence increased greatly, and Bitcoin soared to over $65,000!

Summarize the speeches over the years:

At the 2019 annual meeting, Powell said that the economy was facing challenges and would take action to maintain expansion. In September and October of the same year, interest rates were cut by 25 basis points each.

At the 2020 annual meeting, Powell announced the adoption of an average inflation target, ending preventive interest rate hikes, which foreshadowed a long-term low interest rate environment.

At the 2021 annual meeting, Powell said in an online meeting that QE might be reduced within the year, without hinting at the time of interest rate hikes.

At the 2022 annual meeting, Powell said that monetary policy needed to be tightened until inflation was under control.

At the 2023 annual meeting, Powell said that the 2% inflation target would be maintained and interest rates would be further raised if necessary, which triggered a new round of tsunamis in the web3 market at the time.

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