At a time when concerns of dedollarization are rampant, the Federal Reserve Bank of Kansas City is set to convene the annual Economic Policy Symposium, also called the Jackson Hole meeting, between August 24-26, 2023. Going by the history of US Fed events in the last two years, it is highly likely that Bitcoin price could react heavily during the much anticipated conference.
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Focus On Global Economic Shifts
In the backdrop of the United States and other economies dealing with the effects of pandemic in 2021 and 2022, the focus of this year’s event will be on the theme “Structural Shifts in the Global Economy.” The geopolitical and economic effects of Russian invasion of Ukraine and the threat of the BRICS Group shifting from the US Dollar for international trade settlements have predominantly made much noise in recent times. The 2023 conference is said to explore the many significant, and potentially long lasting, developments affecting the global economy.
Jerome Powell Speech At Jackson Hole Meeting 2023
On August 25, 2023, US Federal Reserve Chair Jerome Powell will deliver his remarks at the conference. The Fed Chair’s speech will be made amid much anticipation in the context of the uncertainty surrounding the United States’s economic outlook. His comments on the inflation targets in the short term, the Fed’s path towards the 2% inflation target and the corresponding target rate decisions will be closely looked at by market participants.
Christine Lagarde, president of the European Central Bank, is also set to speak on the same day as the US Fed Chair. Meanwhile, Powell speech could likely have a volatile effect on the crypto market, which has in the last few weeks slowed down with dip in asset prices.
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