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Federal Reserve Chairman Kevin Warsh has begun his highly anticipated address in Jackson Hole, Wyoming.
In his first address as Fed Chairman, Warsh addressed inflation as a key issue. He spoke in a hawkish tone, stating that price stability should be the Fed’s priority. Warsh noted that while summer inflation data showed improvement, underlying trends had not changed significantly.
Here are the highlights of Warsh’s speech at the Jackson Hole symposium:
“I’m struggling to define the financial conditions as restrictive.”
We need to make sure that the downward trend in inflation is moving towards the target, otherwise we’ll have work to do.
This summer’s inflation figures are better than expected, but don’t tell me that the underlying trends have changed significantly.
Consumer spending is healthy, and labor markets are stable.
The Fed needs to ensure that inflation remains stable.
The economy remains resilient: consumer spending is healthy, labor markets are stable, and business investment is growing rapidly.
At the July meeting, there was a “good majority” that advocated waiting before changing interest rates.
Bitcoin is Falling!
Prior to Warsh’s speech, Bitcoin was trading around $79,000, but after the speech it dropped to the $78,000 level. The price movement of Bitcoin during Warsh’s speech was as follows:
*This is not investment advice.