Federal Reserve Chair Kevin Warsh delivered his first Jackson Hole keynote on Friday, his 100th day in the job, officially declaring that forward guidance—verbal hints about future rate moves—has « overstayed its welcome. » Bitcoin is flat after a record-breaking rally that briefly pushed it above $80,000 this week, with the overall crypto market hovering around a $2.7 trillion market cap. The Fed’s preferred inflation gauge, the PCE index, stands at 3.7% annually, nearly double its 2% target. Warsh’s comments about the Fed needing to « do more work » to curb inflation briefly triggered a selloff, with bitcoin shedding roughly $1,000 before recovering immediately. Traders got no indication of which direction rates are heading.
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