Crypto markets await Fed comments at Jackson Hole symposium, uncertainty on extent of rate cuts.

From Investing.com

August 19, 2024 2:00:20 PM:

The Fed will release July meeting minutes, followed by the Jackson Hole symposium. Markets anticipate a rate decrease in September, but odds of a 50 basis point cut have fallen to 28.5% according to CME’s FedWatch tool. Powell may confirm rate cuts during the symposium in Wyoming.

Investors digest strong U.S. retail sales and initial unemployment claims data, alleviating economic fears. Global stock markets rise. Powell may not reveal timing of rate cuts in his Jackson Hole speech, remaining cautious. Market expects rate cuts at September meeting, uncertainty on extent of cuts.

Crypto market reacts ahead of Fed meeting minutes and Jackson Hole symposium. Some cryptocurrencies see losses while others gain in early Monday trading. Bitcoin and crypto market down this month despite global stock market rebound. Challenges for digital assets include U.S. government holding confiscated Bitcoin.

Read more at Investing.com: Crypto Markets Brace for Fed’s Crucial Comments: What’s Expected? By U.Today