Bitcoin Traders Watch Fed Chair Warsh for Clues—And Get Nothing
In briefFed Chair Kevin Warsh delivered his first Jackson Hole keynote on his 100th day in the job, formally declaring that forward guidance—verbal hints about future rate moves—has “overstayed its welcome.”Warsh footnoted his own 2022 essay on cryptocurrency and the dollar while arguing that “money” deserves closer Fed attention.The Feds preferred inflation gauge sits at 3.7% annually, nearly double its 2% target. Kevin Warsh marked his 100th day as Federal Reserve chair on Friday by doing what hes made a habit of since taking the job: refusing to tell markets what comes next. The crypto market reacted in kind by, well, not doing much of anything. Bitcoin is flat today after a record-breaking rally took it briefly above $80,000 this week, while the crypto market as a whole hovers around a $2.7 trillion market cap, down a slight 0.2% today. Myriad: What will the Fed do in September？ Click to make your prediction. In a keynote titled “In Our Time” at the Kansas City Feds Jackson Hole symposium, Warsh formally declared that forward guidance—the Feds practice, dating to the 2008 financial crisis, of hinting where interest rates are headed—has, in his words, “overstayed its welcome.” For two decades, Fed chairs have used this exact
