Kevin Warsh’s first Jackson Hole speech today sounded hawkish on sticky inflation, and $BTC Bitcoin has already slipped back under $80K as rate-hike odds ticked higher. In the short run that stance is more likely to pressure or even end this recent rally than to fuel it, since higher-for-longer rates tighten the liquidity Bitcoin loves. Longer term I still see room for a constructive path if he gets inflation under control without over-tightening, but right now the new chair is acting more as a headwind than a tailwind. $ETH

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