Bitcoin steadies after Federal Reserve's hawkish turn at Jackson Hole

On August 28, 2026, at the Jackson Hole symposium, Federal Reserve Chair Kevin Warsh struck a harder tone on inflation than global financial markets had expected. According to the outlet Ecosistemastartup, bitcoin traded within a range close to its previous levels after touching highs at the end of August, as markets weighed the impact of a more restrictive monetary policy.

Warsh's speech focused on the persistence of inflationary pressures. According to data cited by Ecosistemastartup, the personal consumption expenditures (PCE) price index for July stood at 3.3% year on year, remaining above the official target of 2%, while the six-month annualized figure came in at 4.1%. This scenario reduces expectations of monetary easing and strengthens the priority the U.S. central bank places on containing price increases over short-term economic growth.

Institutional investors reacted quickly in exchange-traded funds (ETFs) tracking digital assets. According to data processed by Ecosistemastartup, U.S. spot bitcoin ETFs recorded net outflows of $201.81 million on August 28, equivalent to about 6.6% of the inflows accumulated over the nine previous sessions of consecutive gains. By contrast, ethereum ETFs extended their own positive streak, with inflows of $102.1 million on the same day.

On the local front and in terms of expectations, the daily El País reported that the market assigns a 67% probability to a rate hike by the Federal Reserve in September, although several analysts project that the final decision could be postponed to the end of the year while awaiting stronger indicators. Meanwhile, El Nacional noted that the Fed chair expressed confidence in the overall strength of the U.S. economy, despite persistent challenges in the labor market and the trajectory of prices.