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    Bitcoin momentarily hit $62k following Powell’s speech on economic outlook

    Quick Take

    Federal Reserve Chairman Jerome Powell delivered a significant speech at the ongoing Jackson Hole meeting, offering insights into the current economic landscape and the Federal Reserve’s outlook. Powell began by reflecting on the diminishing effects of the COVID-19 pandemic, noting that:

    “Four and a half years after COVID-19’s arrival, the worst of the pandemic-related economic distortions are fading.”

    Addressing inflation and the labor market, Powell emphasized that inflation has notably decreased, and the labor market has cooled down.

    “Inflation has declined significantly. The labor market is no longer overheated,”

    Powell highlighted that conditions are now less tight than they were before the pandemic. He reiterated the Federal Open Market Committee’s (FOMC) focus on controlling inflation, acknowledging the substantial hardships inflation has caused, particularly for vulnerable populations.

    Powell pointed out that inflation is nearing the Fed’s target, with job gains remaining solid but slowing. He also mentioned that job vacancies have decreased, bringing the ratio of vacancies to unemployment back to pre-pandemic levels. Despite this progress, he cautioned about the evolving economic situation, noting that while the risks of rising inflation have lessened, the risks to employment have increased.

    Powell’s remarks had immediate effects on financial markets. Bitcoin surged to $62,000 before retreating to $61,000, and the US Dollar Index (DXY) fell below 101. CME futures are still heavily pricing in a 25bps rate cut at the September meeting.

    The post Bitcoin momentarily hit $62k following Powell’s speech on economic outlook appeared first on CryptoSlate.

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