Ethereum rallies 15% as markets rebound after Powell's remarks

Most cryptocurrencies rose in Friday’s trading amid a rebound in markets, particularly high-risk assets, following comments from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium.

Powell hinted during his speech at Jackson Hole on Friday at a possible interest rate cut in the coming period, but emphasized that elevated uncertainty makes the task of monetary policymakers more complicated.

He confirmed that the labor market remains strong and the economy has shown resilience, though risks have increased recently, noting that tariffs could push inflation higher again—something the Fed is keen to avoid.

He pointed out that the benchmark interest rate is about 1% lower than its level a year ago, and that low unemployment gives the Fed room to proceed cautiously in adjusting monetary policy, adding that the baseline outlook and shifting risk balance may indeed warrant a reassessment of the current stance.

Powell said that FOMC decisions will remain “tied solely to data assessment,” stressing the central bank’s commitment to achieving 2% inflation in order to preserve long-term expectations stability.

In assessing the economy, the Fed Chair noted that job growth has slowed alongside weaker consumer spending, adding that labor supply and demand are in an “unusual balance.” He also stressed that monetary policy will undergo a periodic review every five years to adapt to structural changes in the economy.

Ethereum

As for trading, Ethereum jumped on CoinMarketCap at 20:57 GMT by 14.6% to $4,845.2, with weekly gains of about 11%.