๐ข Jerome Powell surprised markets at Jackson Hole today. Instead of the expected hawkish tone, the Fed chair hinted at a possible September rate cut, saying โ ๏ธ risks to jobs are starting to rise.
That shift in tone was enough to jolt markets:
๐ฐ $BTC jumped about 5% to $117,000, bouncing back after a rough week.
๐ $ETH also got a lift, climbing 8% after a sharp drop earlier.
๐ Stocks perked up too โ even though the Nasdaq had been down about 3% before Powell spoke.
๐ฆ In safer assets, the 10-year Treasury yield slipped to 4.27%, the dollar softened, and ๐ช gold ticked higher.
๐ For context: just hours before Powellโs speech, traders thought there was only about a 69% chance of a September rate cut. Right after he spoke, those odds shot back up to around 90%.
