Perhaps surprising markets which had expected a hawkish tone, Federal Reserve Chair Jerome Powell firmly put a September rate cut on the table on Friday.
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 quickly in the form of sharply higher layoffs and rising unemployment.”
Bitcoin has gained about 2% since the remarks hit the wires, rising to $114,200. U.S. 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 Powell
In anticipation that Powell would 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 expe
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