After Federal Reserve Chairman Powell's speech, there has been notable volatility in cryptocurrencies.

The Chairman of the Federal Reserve (Fed), Jerome Powell, made important statements at the Jackson Hole Economic Policy Symposium. In his statement, Powell made evaluations about the current state of the US economy, US inflation data, and the US labor markets, while also making some important statements about the future of the US economy. Following Powell's statement, there were notable movements in the cryptocurrency markets.

Important Statements from Fed Chairman Jerome Powell

After the release of the Fed minutes in recent days, attention turned to the Jackson Hole Economic Policy Symposium. Central bank officials from around the world and Fed officials attended the event closely followed by the crypto world. Federal Reserve Chairman Jerome Powell made important statements at the Jackson Hole Symposium in Wyoming, USA. With Powell's speech, the leading cryptocurrency Bitcoin (BTC) continued its rise, reaching levels of $61,117, while Ethereum (Ether) started trading at levels of $2,657.

Powell stated that it is time for the Fed to change its policy. Fed Chairman Powell said, "We are not looking for or welcoming further cooling in labor market conditions. The slowdown in the labor market is clearly visible."

Powell said, "My confidence has increased that inflation is on a sustainable path towards 2 percent." In his statement, Powell also used the expressions, "The current level of our policy rate provides us with enough room to respond to any risk we may face, including the risk of further undesirable weakening in labor market conditions."

Powell also made important statements about the future interest rate policies of the Fed in his statement. Powell said, "It is time for policy to adapt. The direction to be taken is clear, and the timing and pace of interest rate cuts will depend on incoming data."

Powell stated that the global inflation resulting from Russia's partial invasion of Ukraine in 2022 is unlike anything seen since the 1970s.

At the end of his statement, Powell said, "The decline in US inflation is very pleasing - without a sharp increase in unemployment. The labor market is no longer the source of inflationary pressures."