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Fed Chairman Jerome Powell began his highly anticipated speech in Jackson Hole, Wyoming.
Here are the highlights of Powell's speech at the economics symposium:
- It's time for the Fed to adjust its policy. It's time for policy to adapt.'
- We will do everything we can to support a strong labor market while making progress toward price stability.
- We do not want or welcome any further cooling in labor market conditions.
- We have made significant progress towards the goal of price stability while avoiding sharp increases in unemployment.
- My confidence that inflation is heading towards 2% has increased.
- Inflation has decreased significantly, and we are now much closer to the target.
Bitcoin's price action during Powell's speech:
The Fed chairman's speech at the annual central bankers' conference comes at a time of heightened uncertainty about the economy and interest rate policy. While the market is certain of a September rate cut, opinions are divided on whether the rate cut will be 25 basis points or 50 basis points.
The news will be updated as details come in…
*This is not investment advice.