Kevin Warsh delivered his first Jackson Hole speech as Fed chair, severely criticizing Jerome Powell’s legacy and placing full responsibility on the central bank for 65 months of high inflation, nearly double the 2% target. Warsh also buried forward guidance, stating that transparency about future decisions is not a virtue in itself, while refusing to address U.S. debt and Treasury bond buybacks, the only topic the crypto market wanted to hear about. Bitcoin, which had rallied from $64,000 to $80,000 in one week on expectations of Fed support for long-term rates, fell back below $80,000 following the speech.
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