The beautiful remarks of the meeting of the Federal Open Market Committee at the end of July have – for the moment – put the Kibosh on the modest attempted rally of the cryptography market on Wednesday.
“The majority of participants have judged the risk of increasing inflation as the highest of these two risks,” read Fed’s minutes concerning the discussion of the Committee on Prices compared to Employment. “With regard to the rising risks of inflation, participants stressed the uncertain effects of prices and the possibility that inflation expectations are not anchored.”
Crypto prices have abandoned some of their daily earnings just after the release of minutes, with Bitcoin
Going from an advance of 0.7% to barely green in the last 24 hours to $ 113,300.
Have one of the best sessions of majors, ether (Eth) From around a gain of 4.5% to a 2.3% advance to $ 4,270.
This meeting of the particular Fed, however, took place just before the publication of the August 1 employment report, which showed not only a slow employment gain in July, but also contained a massive revision of the 258,000 jobs in the June data previously published in June.
If these figures had been before the Fed at his July meeting, it is quite possible that the tone of the participants would have been very different and the result of the meeting could even have been a drop in rate.
Jackson Hole still in front
Nevertheless, this week’s main event remains the opening speech of the president of the Fed, Jerome Powell, at the economic symposium of Kansas City Fed in Jackson Hole.
The Fed leaders in the last decade, the more occasionally used the Jackson Hole forum to report imminent policy changes. Participants in the market will watch closely to see if the stubbornly obstinate Powell shows the signs of modifying this position and perhaps reporting a drop in rate at the next meeting of the Central Bank in September.
Current bets indicate that Powell will adopt a waiting approach, noting that between Friday and this September meeting will be much more economic data, including new employment and inflation reports for the month of August.
