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On Markets and Crypto Institutional Adoption
Aurelie Barthere
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Key Takeaways
6 min read
  • Main so-what from Fed Chair Powell Jackson Hole’s speech: the Fed is likely to wait for a first significant crack in the labor market before altering its restrictive policy stance.
  • Technical indicators remain ambiguous for equities and crypto in what could be a mere phase of consolidation or the beginning of a correction.
  • Despite muted on-chain activity, crypto institutional adoption is picking up in two areas: traditional financial securities with crypto underlyings, and stablecoins.

Post-Jackson Hole

The 2023 Jackson Hole Central Bank Symposium had for theme the “Structural Shifts of the Global Economy”, and was the forum where central bankers could communicate on the uncertainty of the models and forecasts that inform their policy decisions, in this new economic normal.

“If we are to maintain our credibility with the public, we will need to talk about the future in a way that better captures the uncertainty we face. [...] Policymaking in an age of shifts and breaks requires an open mind and a willingness to adjust our analytical frameworks in real-time to new developments” explained ECB President Lagarde.

Fed Chair Powell recognized the “mystery” surrounding the level to which rates should be hiked: "we...