Bitcoin and Gold Plunge as Kevin Warsh Signals Tighter Fed Policy
- Bitcoin fell below $79,000, while gold and silver sell-off erased roughly $670 billion.
- Warsh suggested the Fed isn’t done fighting inflation, with more tightening possible.
- Investors’ next signals to watch are the dollar, Treasury yields, and rate expectations.
Investors turned cautious on August 28 as the dollar strengthened and markets digested more hawkish comments from Federal Reserve Chair Kevin Warsh during his first speech as Fed Chair at Jackson Hole, Wyoming.
Bitcoin fell below $79,000, while gold and silver also took a major hit. Reportedly, the heavy selling erased approximately $670 billion in market value within a span of just seven minutes.
The common thread was a stronger dollar and growing expectations that the Fed might have to keep rates tight to get inflation under control.
Warsh suggested the Fed might not be finished fighting inflation…
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