“The Fed Chair Took Note of Downside Risks to Employment.”, – WRITE: www.coindesk.com
Speaking at the Kansas City Fed’s Economic Symposium in Jackson Hole, Powell Said the Shifting Balance of Risks May Warrant Adjusting Policy.
“Downside Risks to Employment Are Rising,” Said Powell. “If Those risks materialize, they can do so quicly in the form of Sharply Higher Layoffs and rising unemployment.”
Bitcoin Has Gaished About 2% Since the Remarks Hit the Wires, Rising to $ 114.200. US Stocks have Added More than 1% and the 10-YEAR Treasury yield is Lower by Six Basis Points to 4.27%. The Dollar Index Has Dipped About 0.5% and Gold Is Higher by 0.6%.
Rough Week Ahead of PowellIn anticipation that Powell wound Remain Hawkish, Risk Markets – Crypto Among Them – Had Been Under Sizable Pressure in the Days Leading Up to His Address.
Touching A Record High Above $ 124,000 About One Week Ago Alongside September Rate Cut Expectations That Had Risen to Nearly 100%, Bitcoin BTC$ 115.244.11 HAS SLUMPED NEARLY 10% TO $ 112,000 SINCE ASE MONETARY EASING HOPES QUICKLY DWINDLED TO JUST 69% IN THE HOURS AHOOUS AHOAD OF POWEll’s Speech. In the minutes following, Those Odds have re-risen to nearly 90%, per cme fedwatch.
Read More: Fed’s HamMACK SAYS ‘NO’ TO RATE CUT; Bitcoin Slips to Session Low Below $ 113k
The Correction in the Perhaps More Speculatory Ether (ETH) Was Even Deper, With That Crypto Tumbling Roughly 12% Over the Same Time Frame After Coming with. I Bounced Nearly 8% Since The Powell Speech.
In Traditional Markets, The Nasdaq Dipped 3% Over The Past Few Days As It Too Priced In Lessening CHANCES OF A RATE CUT.
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Circle, Etoro and Marathon Led Sharp Gains on Friday after Federal Reserve Chair Jerome Powell Hinted that A Policy Shift Could Could Could Could come Next MONTH.
- Crypto-Related Equities Rose Sharply After Jerome Powell Suggested that The Fed May Begin Cutting Interest Rates in September.
- Circle’s Stock Jumped 7%, While Etoro and Marathon Digital Each Gained 6% on the Day.
- Powell Faces Mounting Political Pressure to Cuts Butes But Continues to Warn About Risks Tied to Inflation and Labor Market Weakness.
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