The Federal Reserve Bank of Kansas City is getting ready to host the annual Economic Policy Symposium, also known as the Jackson Hole meeting, from August 24-26, 2023, amid mounting concerns about a potential shift away from the U.S. dollar. It’s entirely probable that Bitcoin’s price may experience large volatility during this eagerly awaited conference, going by how it has reacted to US Fed meetings over the past couple of years.
Changes in the Global Economy’s Gears
This year’s symposium will focus on the subject of “Structural Changes in the Global Economy” as the globe struggled to recover from the epidemic in 2021 and 2022. Recent international developments, such Russia’s entry into Ukraine and BRICS nation discussions about possible alternatives to the US Dollar for international trade, have dominated economic debates. The 2023 conference attempts to look into these significant and potentially long-lasting changes reshaping the world economy.
The Expected Speech by Jerome Powell at Jackson Hole 2023
The symposium featuring Jerome Powell, Chair of the U.S. Federal Reserve, is slated for August 25, 2023. Many people are looking forward to Powell’s address because of the uncertainty that looms over the future of the American economy. His opinions on short-term inflation forecasts, the Federal Reserve’s progress toward meeting the 2% inflation objective, and the related choices on target rates will be of particular interest to market observers.
Additionally, Powell will share the stage with Christine Lagarde, president of the European Central Bank, on that same day. Powell’s remarks could cause observable volatility in the cryptocurrency market given the recent stagnation in bitcoin prices.