MARKET WRAP: Bitcoin (BTC) moved little on Thursday as Fed speakers didn’t give much insight into their outlook on rate increases in September. HeleneBraunn reports
in Jackson Hole, Wyoming, officials offered few clues as to whether the bank now prefers a 50 or 75 basis point rate hike, which would be announced in September at the next Federal Open Market Committee meeting., Philadelphia Fed President Patrick Harker said that decision depends on the next inflation reading, expected Sept. 13. But he doesn’t think it’s wise to “rush way up” but instead to “go up and sit for a while.
“I think we have to recognize that a 50 basis point move is still a substantial move, so whether it’s 50 or 75 I can’t say right now. But let’s not think that 50 isn’t a substantial move,” Harker said. Harker also said he’d like to see rates go up to 3.4% and leave them there for a little while before making another move. However, Kansas City Fed President Esther George said in anRegarding the Fed’s long-term inflation outlook, St. Louis Federal Reserve President James Bullard told CNBC he thinks markets are mispricing inflation and that price pressure will be sticky for longer than most investors anticipate.
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