$BTC And $ETH Fall As Fed Signals It Needs To ‘Get Real Interest Rates … Above Zero’

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On Tuesday (August 30), U.S. stocks, as well as the two most valuable cryptoassets, fell after comments from the New York Fred President and the governor of the Bank of Estonia suggested that the major central banks are from getting inflation under control.

Kot CNBC poročali earlier today, U.S. stocks dropped for a third day in a row, with the Dow, the S&P 500, and the Nasdaq Composite currently (as of 3:56 p.m. UTC on August 30) down 0.77%, 0.91%, and 1.07% repectively.

John Williams, President and CEO of Federal Reserve Bank of New York, said at a virtual event hosted by the Wall Street Journal:

"Mislim, da glede na to, da povpraševanje močno presega ponudbo, potrebujemo realne obrestne mere … nad ničlo. Za upočasnitev povpraševanja moramo imeti nekoliko restriktivno politiko, pa še nismo tam ... Še vedno smo precej oddaljeni od tega."

In Madis Müller, guverner estonske centralne banke (tj. Banke Estonije) Rekel Reuters:

"Mislim, da bi moralo biti 75 bazičnih točk med možnostmi za september, glede na to, da se inflacijski obeti niso izboljšali ... Kljub temu grem na sestanek odprtega duha in želim videti nove projekcije in slišati argumente svojega kolega ... Mi ne bi smeli biti preveč sramežljivi pri političnih potezah, saj je inflacija že predolgo previsoka in smo še vedno daleč pod nevtralno stopnjo."

Rod von Lipsey, managing director at UBS Private Wealth Management, told CNBC:

"Investors are coming to terms with the idea that the Fed is serious about curbing inflation, even as recent data suggests inflation is starting to decline… We believe the market’s summer rally was ephemeral and continue to recommend that investors remain selective and focus on defensive stock sectors like health care and dividend-paying stocks."

Of course, we should also remember that last Friday, Federal Reserve Chair Jerome Powell gave an important speech at the 2022 Economic Policy Symposium (in Jackson Hole, Wyoming), which was hosted by the Federal Reserve Bank of Kansas City.

V govor z naslovom "Monetarna politika in stabilnost cen", je Powell dejal:

"Glavna usmeritev Zveznega odbora za odprti trg (FOMC) je trenutno znižati inflacijo na naš cilj 2 odstotka. Stabilnost cen je odgovornost Federal Reserve in služi kot temelj našega gospodarstva. Brez stabilnosti cen gospodarstvo ne deluje nikomur ...

"Ponovna vzpostavitev stabilnosti cen bo trajala nekaj časa in zahteva močno uporabo naših orodij za boljše ravnovesje povpraševanja in ponudbe. Znižanje inflacije bo verjetno zahtevalo dolgotrajno obdobje rasti pod trendom. Poleg tega bo zelo verjetno prišlo do nekoliko omilitve razmer na trgu dela. Medtem ko bodo višje obrestne mere, počasnejša rast in mehkejši pogoji na trgu dela znižali inflacijo, bodo prinesli tudi nekaj bolečine gospodinjstvom in podjetjem. To so nesrečni stroški zmanjševanja inflacije. Toda neuspeh pri ponovni vzpostavitvi stabilnosti cen bi pomenil veliko večjo bolečino.

"Julijsko povišanje ciljnega razpona je bilo drugo povišanje za 75 bazičnih točk na prav toliko sestankih in takrat sem rekel, da bi bilo na našem naslednjem sestanku primerno še eno nenavadno veliko povišanje. Zdaj smo približno na polovici vmesnega obdobja. Naša odločitev na septembrskem sestanku bo odvisna od vseh prejetih podatkov in razvijajočih se obetov. Na neki točki, ko se bo naravnanost denarne politike še bolj zaostrovala, bo verjetno postalo primerno upočasniti tempo rasti."

Anyway, since Bitcoin and Ethereum are still high-beta risk-on assets that seem strongly correlated with U.S. tech stocks, both are also currently in the red, with the action in the U.S. stock market helping to push the Bitcoin price below the $20K level.

According to data by TradingView, on Bitstamp, currently (as of 4:18 p.m. UTC on August 30) $BTC and ETH are trading around $19,883 (-2.22%) and $1,533 (-0.13%) respectively.