ICYMI: Markets whipsaw following Jerome Powell’s hawkish speech at Jackson Hole
Crypto prices rose in the hour leading up to the speech, bitcoin was trading a little higher than $21,800 and ether rose above $1,700. Prices dipped during the speech as the Fed chair shared his colleagues median interest rate projections – just under 4% through the end of the year.
The annual inflation rate in the US slowed to 8.5% in July from a more than 40-year high of 9.1% in June. That was below market forecasts of 8.7%. The US economy dropped by 0.6% during the second quarter, data yesterday showed. That was better than estimates of -0.7%.
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