In his Jackson Hole speech, Powell stressed the Fed will not follow a rigid path and remains ready to adjust policy as conditions change. He described the current stance as “restrictive” but made clear that downside risks to employment are growing, a concern that could tilt the Fed toward easing.

While acknowledging inflation remains modestly above target, Powell dismissed tariff-related price bumps as largely temporary. By downplaying inflation fears and focusing on labor market weakness, Powell delivered the kind of dovish reassurance markets craved.

BTC/USD 1-hour chart on Aug. 22, 2025.

His remarks carried a softer edge than prior speeches. Job creation has slowed, unemployment has edged up to 4.2%, and Powell said the Fed cannot ignore the possibility that weakness in hiring could deepen if policy remains too tight.

Stock markets at 10:40 a.m. Eastern time on Aug. 22, 2025.

The Fed also unveiled an updated policy framework, dropping its earlier “makeup” inflation strategy and language about employment “shortfalls.” The revisions underscore a pivot away from past tightening bias and toward a more flexible, dovish approach.

Markets responded swiftly. Equities climbed on expectations that Powell’s words may foreshadow future rate cuts if conditions warrant, while bitcoin jumped more than $3,000 after the speech.

Powell stressed the Fed is “not on a preset course,” repeating that data will guide decisions. His emphasis on caution, flexibility, and balance reinforced a dovish tilt that investors interpreted as a green light for risk assets.

By highlighting employment risks and softening his inflation stance, Powell reassured markets that the central bank is prepared to ease its grip if growth falters—an unmistakably dovish message that sent confidence soaring.

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