Why Bitcoin Fell on a Fed Speech That Promised Nothing
Kevin Warsh said he doesn't believe in forward guidance. Markets immediately invented some for him anyway.At Jackson Hole on Friday, Warsh argued against telling markets what the Fed will do next and closed on "I stand here today committed to a discipline, not to a decision." He never said the Fed is hiking. But he described an economy that is still pretty strong, said he would be hard-pressed to describe broad financial conditions as restrictive, and pointed at PCE still running 3.7% over the past year and 4.1% over the past six months.
September went from roughly a one-in-three shot to about a coin flip. Short-term Treasury yields jumped, the dollar strengthened, and gold and Bitcoin both fell while stocks barely moved.
Cory Klippsten on why that selloff is one overreaction, why "the Fed can never hike again" is the other, and why nothing in the speech touched the debt, the deficits, or the long-term monetary problem Bitcoin was built to solve. Receive SMS online on sms24.me
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