Cryptocurrencies Jackson Hole 2022: This is what to expect - Gary Wagner
On Friday, Federal Reserve Chairman Jerome Powell will give his speech at the annual Jackson Hole Symposium in Wyoming.To help market participants, Powell will need to be clear about when the Fed will stop raising rates, said Gary Wagner, editor at TheGoldForecast.com.
“If you listen to some of Chairman Powell’s statements, over the past couple of months, he has acknowledged that they should have acted sooner,” he said. “I really do believe that had they started to use their toolbox sooner, we wouldn’t be looking at inflation sitting at 8.5 percent today.” At the same time, Wagner acknowledged that unforeseen events, beyond the Fed’s control, had also caused higher prices. He pointed to the war in Ukraine as a “wild card” that increased oil prices “like a second-stage booster on a rocket.” He also said that food and energy prices, in general, are unlikely to be affected by Fed policy.
Other job market indicators also look favorable, with wages and salaries up 5.3 percent from last year.