🚨 $BTC drops sharply after Jackson Hole!
Fed Chair Kevin Warsh’s comments came in more hawkish than markets expected. Warsh said inflation is still too high, the 2% PCE target is certain and fixed, and the Fed still has work to do unless inflation returns to target at a sufficient pace.
He also noted that the labor market remains stable and financial conditions are not restrictive enough. #warshsaysinflationisfedtopfocus
Following the remarks, #bitcoin dropped around 4%.
The scenario markets feared is back on the table: rate cuts could be delayed, while future rate hikes could even become a possibility.
For Bitcoin and other risk assets, higher-for-longer rates remain one of the biggest risks.
Now, all eyes are back on the next inflation data.
Fed Chair Kevin Warsh’s comments came in more hawkish than markets expected. Warsh said inflation is still too high, the 2% PCE target is certain and fixed, and the Fed still has work to do unless inflation returns to target at a sufficient pace.
He also noted that the labor market remains stable and financial conditions are not restrictive enough. #warshsaysinflationisfedtopfocus
Following the remarks, #bitcoin dropped around 4%.
The scenario markets feared is back on the table: rate cuts could be delayed, while future rate hikes could even become a possibility.
For Bitcoin and other risk assets, higher-for-longer rates remain one of the biggest risks.
Now, all eyes are back on the next inflation data.