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The meeting in 2022 had significant implications for cryptocurrencies. Time flies and August 2023 has arrived. This week, the Jackson Hole meeting of 2023 will take place, and it is expected to have important consequences for cryptocurrencies. Moreover, with the Fed approaching the interest rate ceiling, the importance of the meeting is increasing.
What is the Jackson Hole Meeting?
The Federal Reserve Bank of Kansas City’s Economic Policy Symposium began in 1978. The meeting, hosted by the Kansas City Federal Reserve Bank, is held once a year. Central bank governors (40+) from all over the world attend these meetings, where the current state and problems of the global economy are discussed. We will see top-level figures discussing economic issues, implications, and policy options during the three-day conference. One of them will be Fed Chairman Powell.
The Economic Research team of the Kansas City Fed develops the theme and agenda of the symposium each year in consultation with Kansas City Fed President Esther George and Vice President and Director of Research Joe Gruber, who have hosted the event for 11 years.
Powell will provide important signals about the economy at this meeting and help the market understand the current situation. Despite poor US macro data, current FedWatch data gives less than 20% probability of a rate hike in September. If Powell clearly signals further tightening and adopts a hawkish stance, it will not be good news for cryptocurrencies.
What Time is the Jackson Hole Meeting?
The meeting will begin on Thursday, August 24th, and end on Friday, August 26th. Fed Chairman Powell will speak at 17:05 on Friday according to Turkish time. This year’s theme for the meeting is “Structural Changes in the Global Economy,” which alone suggests that significant developments await us. While the Fed continues to raise interest rates, it also has to deal with strong employment. On the other hand, increasing interest rates, along with wage increases, are not washing away demand inflation.
Historical data suggests that the US will soon enter a recession, but Fed members clearly state that they do not expect this. Every message regarding the medium and long-term roadmap given at the event will be of vital importance for cryptocurrency, gold, dollar, and silver investors.
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