On August 25, Powell participated in the interpretation of the importance of world central banks
Every August, Federal Reserve officials hold a symposium at their summer resort in Jackson Hole, Wyoming, known as the Jackson Hole Annual Meeting of Global Central Banks, where they exchange views on monetary policy and economic trends. Although it is primarily an academic exercise, Fed leaders have used it for years to signal major strategic shifts.
Last year, Powell announced on this occasion that the Federal Reserve would continue to urgently raise interest rates to combat rampant inflation. At the time, he was trying to convey the message that the tightening cycle had just begun. What followed was a strong rebound in U.S. Treasury yields, which strengthened the dollar and hammered U.S. stocks: the S&P 500 fell from 4,200 to 3,500 in two months. Bitcoin ranges from 42000u to 15500u, and Ethereum ranges from 2500u to 800u.
