Powell is about to give his final speech at Jackson Hole, and global traders are eagerly waiting to hear signals from him regarding interest rate cuts, inflation, and the future direction of the Federal Reserve's policy, as these signals are likely to impact the cryptocurrency market.
Powell's final speech at the Jackson Hole Economic Symposium comes at a time of peak market anxiety. Ongoing inflation, disappointing employment data, and increasing political pressure present challenges that the Federal Reserve Chairman must address. His words will not only affect traditional markets but also impact risk assets like Bitcoin and Ethereum.
The market is now predicting that Powell will subtly mention the possibility of interest rate cuts in his September speech, but his attitude and tone are key. If his stance is dovish, leaning towards easing, investors may relax, and the market could see a rebound.
But if Powell continues to take a hard stance on inflation or appears hesitant, market volatility may quickly return.
In addition to short-term policy signals, everyone is hoping that Powell will express his stance on maintaining the independence of the Federal Reserve under increasing political pressure during his speech.
Even if he only briefly mentions the long-term changes in the Federal Reserve's policy framework, the impact he leaves in the policy field after his departure could be very profound.
Market sentiment is currently mostly in a 'wait and see' state. If Powell conveys optimistic signals in his speech, making everyone feel that the situation will improve, then Bitcoin and other assets may rise due to a rebound in market risk appetite.
However, if uncertainty continues, the relatively calm market we have seen recently may be replaced by significant volatility.
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