Key Takeaways
Bitcoin rallied about 5% on Friday after Powell’s dovish tilt. However, a few hours later, markets appeared split on the September rate cuts.
Bitcoin [BTC] bounced back about 5% to $117K immediately after a surprising dovish stance by Fed chair Jerome Powell during the Jackson Hole Symposium on the 22nd of August.
Source: BTC/USDT, TradingView
Powell hinted at a September rate cut, citing labor-market risks, even as he stressed persistent inflation pressures.
“In the near term, risks to inflation are tilted to the upside, and risks to employment to the downside—a challenging situation…Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”
Market digests Powell’s remarks
Immediately after the speech, CME FedWatch showed the probability of the 25th of September BPS rate cut rising to above 90%.
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Author: Benjamin Njiri
