Fed Chair Powell’s Jackson Hole Speech Could Jolt Markets
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Wall Street, Jackson Hole and Fed
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Gold prices edged higher on Tuesday, buoyed by a weaker dollar amid prospects of lower U.S. interest rates, while investors looked ahead to the Federal Reserve chair's speech at Jackson Hole later this week.
Wall Street will be listening closely to Federal Reserve Chair Jerome Powell's speech Friday at the Jackson Hole economic policy summit, where he could signal whether the central bank is ready to cut borrowing costs at its next meeting in September.
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Stocks often rise the week of the Fed’s big Jackson Hole gathering. Don’t count on it this year.
Later this week, economists, central bankers and members of the business press will gather in Jackson Hole, Wyo. for the Kansas City Fed’s annual Jackson Hole Economic Policy Symposium.
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Powell has used Jackson Hole to battle inflation and buoy jobs; he's now caught between both
Incoming information has confounded Fed Chair Jerome Powell's data-dependent strategy by pulling in both directions.
There's a note of caution seeping into crypto markets, with bitcoin (BTC) sliding under $115,000 and ether (ETH) falling to $4,220 ahead of Fed Chairman Jerome Powell's speech at the Jackson Hole Symposium later this week.