Market participants were looking to Friday morning's speech to gauge the future direction of the U.S. central bank's monetary policy.
Restrictive monetary policy will continue to be needed until inflation is sustainably slowing, said U.S. Federal Reserve Chairman Jerome Powell in his keynote speech at the Kansas City Fed's Jackson Hole Symposium.
The central bank, said Powell, is ready to raise rates further if appropriate, though will proceed carefully.
The price of bitcoin (BTC) initially slipped a few dollars on the hawkish lean to Powell's remarks, but has since bounced to modestly positive on the day at $26,200. The move is perhaps not surprising given the bearish tilt to bitcoin's price action in the days leading up to the Jackson Hole event as traders anticipated Powell's continued focus on corralling inflation back to the central bank's 2% target.
Source : [Fed's Powell at Jackson Hole: Prepared to Raise Rates Further if Appropriate](www.coindesk.com/markets/2023/08/25/feds-powell-at-jackson-hole-prepared-to-raise-rates-further-if-appropriate/?utm_medium=referral&utm_source=feedly&utm_campaign=headlines) by Stephen Alpher - Fed Chair Powell cautious