Fed’s Powell at Jackson Hole: Prepared to Raise Rates Further if Appropriate

Restrictive monetary policy will continue to be needed until inflation is sustainable slowing, said U.S. Federal Reserve Chairman Jerome Powell in his keynote speech at the Kansas City Fed’s Jackson Hole Symposium.

The central bank, said Powell, is ready to raise rates further if appropriate, though will proceed carefully.

The price of bitcoin (BTC) initially slipped a few dollars on the hawkish lean to Powell’s remarks, but has since bounced to modestly positive on the day at $26,200.

According to the CME FedWatch tool, market participants are forecasting about a 20% chance of another Fed rate hike at the central bank’s September meeting, roughly the same as prior to the Powell speech.

Source: ethereum.today