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

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. The move is perhaps not surprising given the bearish tilt to bitcoin’s price action in the days leading up to the Jackson Hole event as traders anticipated Powell’s continued focus on corralling inflation back to the central bank’s 2% target.